Namibian Stock Exchange- (NSX-) listed capital-pool company Nimbus Infrastructure has bought a 26.5% stake in Pan-African telecommunications company Paratus Africa’s Namibian operations for N$95-million.
The deal resulted in Nimbus acquiring 8% of the issued share capital in Paratus for a cash payment of N$20-million and the balance of N$75-million paid in shares.
Nimbus CEO Schalk Erasmus said the transaction would allow the Namibian savings pool to diversify its exposure into the information and communication technology (ICT) space, a sector which, to date, has not been available on the NSX.
Paratus CEO Barney Harmse is excited about on-boarding Nimbus as an equity partner, which broadened the company’s capital base and boded well for its aggressive expansion plans and infrastructure roll-out.
“We plan to invest 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,” he said.
The transaction promises significant potential growth for both Namibian entities to grow beyond Namibia’s border. Paratus delivers products and services to 22 African countries and has fully licensed and operational offices in Namibia, Angola, Botswana, Mozambique, Zambia and South Africa.
“Nimbus intends to raise further capital in the Namibian markets to leverage off ICT opportunities in sub-Saharan Africa,” emphasised Erasmus.
Nimbus, which is jointly managed by Paratus and Cirrus Capital, is pursuing investments in the ICT sector in sub-Saharan Africa.