Nimbus seeks to increase stake in Paratus Namibia to 100%
6 September 2019
Nimbus Infrastructure Limited has announced a proposed share swap transaction with Paratus Group Holdings to increase its stake in Paratus Telecom Namibia from 51.4% to 100%. In return for acquiring Paratus Group Holding’s 48.6% stake, over 20 million new ordinary shares in Nimbus will be allotted to Paratus (equating to a 41.1% stake) for a total value of NAD210 million (USD13.8 million). Completion of the transaction is subject to regulatory approval, following which Nimbus proposes to change its name from Nimbus Infrastructure Limited to Paratus Namibia Holdings Limited. If approved, the largest shareholders in Nimbus will be as follows: Paratus Group Holdings (41.07%), Capricorn Investment Group (17.68%) and Schalk Leipoldt van Zyl Erasmus (5.61%).
Nimbus acquired an initial stake of 26.5% in Paratus Namibia in January 2018 for a total of NAD95 million and increased its ownership to 51.4% in June 2018 in a transaction valued at NAD89 million.