MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
South Africa’s WebAfrica sells stake to fund own network
The Competition Commission has approved the sale of a 30% stake in internet service provider (ISP) Web Africa to Vodacom reseller the Smartcom consortium. According to Matthew Tagg, MD of Web Africa, the agreement offers the ISP the opportunity to launch its own network, enabling a higher level of service.
Web Africa has some 30,000 subscribers and is the second largest web hosting company in South Africa, and is estimated to account for about 6% of Telkom’s ADSL business. ‘This is a good move for Web Africa and our subscribers who can look forward to a greater range of products and a higher level of service,’ said Tagg.