Cell One Signs US$76.8 million financing Deal in Namibia

Mergers, Acquisitions and Financial Results

New mobile phone operator Cell One yesterday signed a US76.8 million long-term financing deal with an investment-banking consortium, including the Development Bank of Namibia (DBN), Investec and Nedbank Capital.

DBN will provide US$8.6 million of the total, while Investec and Nedbank Capital will split the remaining U$68.2 million equally. The company said the purpose of the long-term financing is to allow Cell One to continue with the rollout of its mobile phone network. The company estimates it will be able to invest US$143.6 million in network development over the next three years. It is however still very cagey about subscriber numbers, saying only the number is somewhere between 25,000 and 100,000 subscribers.

(Source: New Era)