UK Government owned development finance institution CDC Group has acquired an 8% stake in Liquid Telecom for an investment of US$180 million.
CDC group said that its investment would help Liquid Telecom to expand broadband connectivity to its markets across Africa and support the continent’s thriving tech start-up ecosystem with high-speed internet and cloud-based services.
Nic Rudnick, Group CEO, Liquid Telecom said that the completion of the investment will bring significant economic and social benefits – from providing access to online educational resources to supporting national economies, creating more jobs and driving the adoption of new technologies.
“This is aligned to the vision of our Executive Chairman Strive Masiyiwa to not only connect Africa from North to South, but also from East to West,” he said
It is the largest investment by the CDC group in an African company.