Investec acquires stake in Vumatel
Specialist bank and asset manager Investec has acquired a minority stake in fibre-to-the-home (FTTH) provider Vumatel.
The parties did not disclose details of Investec’s equity investment in Vumatel.
Vumatel CEO Niel Schoeman said the company would now be better positioned to accelerate the roll-out of FTTH to communities across South Africa.
“Vumatel is delighted to have Investec, which shares our vision of creating a connected South Africa, as a shareholder in the business. This investment provides the business with the ability to connect up to 100 000 homes by 2016 and, therefore, further entrench Vumatel as the leading FTTH player in the market.
“This investment will allow us to deliver word-class connectivity, choice and superior customer service to every community that requests it,” he commented.
Vumatel had already connected seven suburbs in the country to broadband with speeds of up to 1 Gb/s, with its open-access network currently being expanded to a further six suburbs.
“We are very excited about our investment in Vumatel. We like the business and the experience of the management team. They have led the FTTH revolution in South Africa, setting the bar for the industry in how it should be done.
“Their commitment to creating affordable high-speed open-access fibrehoods through focus on customer service will have a fundamental impact on the telecommunications industry,” said Investec investment banker Kobus Viljoen.
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