Liquid Telecom completes acquisition of Neotel

Communications and Nexus Connexion announce that they have completed the sale of their South African communications network operator, Neotel, to Liquid Telecom.

SOUTH AFRICA, JOHANNESBURG, February 10, 2017

SOUTH AFRICA, JOHANNESBURG – February 10, 2017

Today, Tata Communications and Nexus Connexion announce that they have completed the sale of their South African communications network operator, Neotel, to Liquid Telecom, a privately owned, pan–African telecoms group, majority owned by Econet Wireless Global.   The purchase price is R6.55 billion.  Liquid Telecom has partnered with Royal Bafokeng Holdings (RBH), a South African empowerment investment group, in this transaction.

This transaction follows the country’s Competition Commission and Independent Communications Authority of South Africa (ICASA) granting their unconditional approvals for the deal in October and December 2016, respectively.  Indeed, by any measure, the deal being announced today is truly transformative.  It has created the largest pan-African broadband network and B2B telecoms provider, enabling African companies to be able to connect with each other and internationally on a single fibre network.

Speaking on behalf of Tata Communications, hitherto Neotel’s majority shareholder, Vinod Kumar, Managing Director and CEO, said:  “We are delighted that this transaction has prevailed.  It clearly makes sound strategic sense for Tata Communications and our shareholders.  Also, throughout the journey of this transaction, we have actively been seeking the best possible outcome for Neotel’s customers and employees.  We are therefore doubly pleased to have been able to partner with Liquid Telecom in executing this deal”

Ends…


 

FOR IMMEDIATE RELEASE

PRESS RELEASE

Natalie Chak
Tata Communications
+44 (0)7833 043 779
natalie.chak@tatacommunications.com
Neil Thomas
Hill & Knowlton Strategies
+44 207 413 3454
neil.thomas@hkstrategies.com

About Tata Communications

Tata Communications Limited (CIN no: L64200MH1986PLC039266) along with its subsidiaries (Tata Communications) is a leading global provider of A New World of Communications™. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.

The Tata Communications global network includes one of the most advanced and largest submarine cable networks and a Tier-1 IP network with connectivity to over 240 countries and territories across 400 PoPs, as well as nearly 1 million square feet of data centre and collocation space worldwide.

Tata Communications’ depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services and leadership in global international voice. Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

https://www.tatacommunications.com

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