Carlyle buys CMC Networks stake
Nasdaq-listed The Carlyle Group acquires 75% stake in privately owned local telecoms group
Nasdaq-listed The Carlyle Group has acquired a 75% stake in privately owned local telecoms group CMC Networks in a deal valued at $100m. The deal will further diversify Carlyle investments in sub-Saharan Africa. Carlyle is a private equity group with $170bn assets under management. Founded 28 years ago by Grant Walker, CMC provides telecommunications network products such as ethernet, which connects multiple devices to the local area network for file sharing and internet access. CMC uses fibre optic cable network and satellite to help its corporate clients access internet data and make voice calls over the internet. "The partnership with Carlyle will open expansion doors for us as we look beyond organic growth," said Walker, who retains 25% of CMC. CMC is eyeing expansions in countries such as Pakistan and Kazakhstan. "Having [financial] resources will help us expand quickly into new markets and help us introduce new products to clients to stay competitive," said Walker. CMC said it...