Liquid Telecom to buy Tata's South African arm for Rs 2900 cr

Moneycontrol BureauLiquid Telecom, a pan-African telecom group has entered into an agreement to acquire Neotel, a Tata Communications subsidiary in South Africa, for Rs 2,900 crore. Liquid Telecom will be partnering with Royal Bafokeng Holdings (RBH), a South African empowerment investment group, which has committed to take a 30 percent stake in Neotel.“Through a single access point, businesses across Africa will be able to access Liquid Africa’s 24,000km of cross-border, metro and access fibre networks. These currently span 12 countries from South Africa to Kenya, with further expansion planned,” the press release said.Certain regulatory approvals for the deal in South Africa are still awaited by the companies. “Convergence of technologies and services will be the key driver of growth across the globe and this transaction will encourage inclusion and support the growth aspirations of the African continent,” said Vinod Kumar, MD & CEO of Tata Communication.