By Bekithemba Ndebele
Another telecomunication deal have been signed between the Tata Communications and the Liquid Telecom which its majority shares are owned by Econet Wireless Global.
The Liquid Telecom agreement has been silled that the entity will buy Neotel for a payment of R6.55 billion to Tata Communications for South African Internet-service provider.
Neotel is expected to create the continent’s largest broadband network and business-to-business telecommunications service.
Liquid Telecom said in a statement, “The transaction, which is subject to regulatory approvals, is transformative and will create the largest pan-African broadband network.”
The corporation further added that, “Through a single access point, businesses across Africa will be able to access 40,000km of cross-border, metro, and access fibre networks.”
According to BusinessTech report, Liquid Telecom is partnering with Royal Bafokeng Holdings, a South African investment group, which has committed to take a 30% stake in Neotel.
Featured image: Independent Media