Namibia's Nimbus acquires stake in Paratus Africa for $8 million

Paratus Africa, one of the largest privately owned telecommunications operator, has announced that Nimbus Infrastructure Limited has acquired a 26,5 percent stake in its Namibian operation for an amount of N$95-million (approximately $8 million).

The transaction is structured such that Nimbus purchases 8% of the issued share capital in Paratus Africa for N$20-million in cash and the balance of N$75 million will be acquired through shares.

Barney Harmse, CEO at Paratus Africa, has expressed excitement about on-boarding Nimbus as an equity partner, broadening the company’s capital base and enabling its aggressive expansion plans and infrastructure rollout.

"We plan to invest a total of more than N$150-million on infrastructure in Namibia over the next three years of which N$100-million will be invested in fibre infrastructure."

With a head office in Windhoek, Namibia, Paratus Africa was founded as Internet Technologies Group (ITG) Namibia in 2005. It has a turnover, for 2017, of approximately $100 million. The telecommunications operator is fully licensed
and also has offices in Angola, Namibia, Botswana, Mozambique, Zambia and South Africa.

The acquisition likely allows huge potential growth for both Namibian entities to grow beyond Namibia’s border. Paratus already delivers products and services to 22 African countries. On 20 March 2012, Paratus Africa was issued with a Class Comprehensive Telecommunications Service License (ECS & ECNS), following the further expansion of its 4G network, national and international network to provide telecommunications services to the Namibian public at large as well as the private and corporate sector in the Southern Afrikan country.

"This will allow the Namibian savings pool to diversify its exposure into the internet, communication and technology space, a sector which to date has not yet been on the NSX. Nimbus intends to raise further capital in the Namibian markets to leverage off ICT opportunities in Sub-Sahara Africa," concluded Schalk Erasmus, CEO at Nimbus.

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