Econet Agrees to Pay $428 Million for Neotel With Investors

  • Tata Communications sells its stake as group focuses on core
  • Investor Royal Bafokeng commits to taking 30% stake in deal

Econet Wireless Global affiliate Liquid Telecom agreed to pay 6.55 billion rand ($428 million) for South African Internet-service provider Neotel Pty Ltd., creating the continent’s largest broadband network and business-to-business phone carrier. Shares of Tata Communications Ltd., which is selling the stake, surged.

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