African telecommunication firm Liquid Telecom said on Tuesday it acquired East African telecom assets of the Altech Group, including Altech’s 61 percent stake in Kenya Data Networks (KDN).
The
deal, under which Altech becomes a minority
shareholder in Liquid with a stake of 8.6 percent,
creates Africa’s largest single fiber network
spanning Kenya, Uganda, Rwanda, Zambia, Zimbabwe,
Botswana, the Democratic Republic of Congo, Lesotho
and South Africa.
“KDN has built the largest fibre network in East Africa and is a company with huge potential. I strongly believe that its people, its network and its loyal customer base will all add value and opportunity to our current operations,” Liquid Telecom CEO Nic Rudnick said in a statement.
The
company said the deal which was sealed on Tuesday is
subject to the approval of various relevant
regulatory authorities.
The
telecommunications company said the network will
provide reliable, high-speed, cost-effective
connectivity to carriers, Internet Service Providers
(ISPs), homes, financial institutions and businesses
of all sizes.
According
to the statement, the combination of Liquid’s and
Altech East Africa’s network will create the
African continent’s largest single terrestrial
fiber network connecting more African countries than
any other single terrestrial network.
“Liquid has been building and investing in a high-quality pan- African fiber network for many years and this deal will accelerate our progress by enlarging our network footprint and complementing our existing product portfolio. We are a strong and ambitious company and have a long-term investment plan for KDN,” Rudnick said.
Liquid
Telecom has built the largest fiber network in
southern Africa and
Central Africa
. It is the first to cross country borders and
covers some of the most challenging parts of the
world where no fixed network has existed before.
