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Africa's Largest Fiber Company Gets $180 Million Cash Boost

  • U.K.’s CDC Group agrees to buy stake of almost 10% in Liquid
  • Liquid’s parent Econet keeping option open for London IPO
Updated on

Liquid Telecom received a $180 million cash injection from U.K. development finance institution CDC Group Plc as Africa’s largest fiber-network operator expands broadband infrastructure across the continent.

The investment will give London-based CDC a stake of almost 10 percent in Liquid, which is majority owned by Mauritius-based Econet Global. The funding will enable Liquid to expand its network in five new countries including Nigeria and Ethiopia, Chief Executive Officer Nic Rudnic said by phone. The group this month announced it would spend as much as $400 million to develop its network in Egypt.