Wananchi Group concludes USD130m financing for expansion
Wananchi Group, one of Kenya’s largest internet service providers (ISPs), has completed a USD130 million financing to fund its growth and expansion in East and Southern Africa. In a press release on its website, the firm said that the capital investment was co-led by existing shareholders, including Altice, Liberty Global, Emerging Capital Partners (ECP) and ATMT, as well as new investor Helios Investment Partners. Commenting on Wananchi’s plans, vice chairman Richard Bell said: ‘We will continue the deployment of fibre-to-the-home (FTTH) networks in more cities in East Africa and extend our business services networks and product offerings across a wide variety of geographies and market segments. With our stronger balance sheet we will also invest in exciting new technologies and service platforms to improve the quality of our products and deliver a superior experience for our customers.’
TeleGeography’s GlobalComms Database notes that Wananchi was established in 2007 and launched Zuku-branded triple-play packages of cable TV, broadband internet and voice-over-internet protocol (VoIP) telephony in Kenya in December 2010. The firm’s FTTH cable network is currently available in the capital Nairobi and the second largest city Mombasa.
Source: Telegeography 7 October 2014