https://www.engineeringnews.co.za

Nedbank funds next phase of Convergence investments

12th May 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

Banking group Nedbank Capital has agreed to a R400-million long-term funding facility to finance the next phase of Convergence Partner’s investment vehicle, Convergence Partners Investments (CPI), ambitions.

CPI, which housed the information and communications technology (ICT) group’s first investment portfolio, would primarily use the facility for the activities of the Convergence Partners Communications Infrastructure Fund (CPCIF).

“This new facility will support the critical investment activities of our recently launched ICT infrastructure fund,” commented Convergence CEO Brandon Doyle in a statement on Monday.

“CPCIF, which reached its first close of $145-million in November last year, is the second investment vehicle that Convergence Partners manages, focusing on ICT infrastructure-related companies and projects on the African continent,” he explained.

The group aimed to focus strongly on initiatives that “increase the availability of communications, broadband services and new technology offerings” in Africa.

Nedbank Capital participated in the original capitalisation of CPI, through a fully settled R300-million preference share facility, which had funded CPI’s investment activities over the past seven years.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sulzer Pumps (SA) (Pty) Ltd
Sulzer Pumps (SA) (Pty) Ltd

Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.043 0.54s - 122pq - 2rq
Subscribe Now