Econet Secures $300m Loan for Neotel acquisition
Johannesburg/London — Econet Wireless unit Liquid Telecom has secured $300m to help fund expansion in Africa and its R6.55bn acquisition of South African fibre company Neotel. Standard Bank Group is arranging the syndicated loan to help fund the Neotel purchase and other deals under way in Botswana and Tanzania, Liquid CEO Nic Rudnick said in an interview in Cape Town on Wednesday. The company will take on Neotel’s debt as part of the deal struck with Indian seller Tata Communications that is expected to close early next year. "The purpose of the additional funding would be to allow the group to expand," Rudnick said. "Our strategy is to roll out fibre continuously and to bolster that with sensible acquisitions."
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