South Africa’s Altech Group has announced that the company is offloading its 8.6% stake in Liquid Telecom Group to Econet Wireless, Liquid’s parent company, for USD55 million, local news agency TechZim reports. According to the article, Altech Group is selling its share in Liquid, as it does not consider the 8.6% holding to be a core part of its operations.
As previously reported by TeleGeography’s CommsUpdate, in January 2013 Liquid Telecom acquired the East African telecom assets of Altech Group, thus creating Africa’s largest single fibre network spanning Kenya, Uganda, Rwanda, Zambia, Zimbabwe, Botswana, DRC, Lesotho and South Africa. Under the terms set out by the deal, Altech became a minority shareholder in Liquid Telecom Group with an initial 8.6% equity stake and shareholder voting rights of 10%. In addition, ownership of the following Altech properties passed to Liquid Telecom: a 61% stake in Kenya Data Networks (KDN); DRC’s Africa Data Networks; Swift Global, a provider of voice, data and mobility solutions in Kenya, Uganda and Rwanda; Stream, a service provider in Rwanda and InfoCom, an ISP in Uganda.