Approval granted for Neotel sale with R6.5-billion pricetag

The Independent Communications Authority of South Africa (Icasa) has given Liquid Telecom the go-ahead to purchase Neotel for the sum of R6.55 billion.

The collective network assets and service platforms will give Liquid Telecom, majority-owned by Econet Global, a bigger reach across eastern, central and southern Africa. This will enable it to offer access via a single connection to over 40,000 km of cross border, national and metro fibre networks across 12 countries.

South African investment group Royal Bafokeng Holdings (RBH), Liquid Telecom's partner, will own a 30% stake in Neotel.

Liquid Telecom received approval from SA's Competition Commission in October this year, for the purchase.

Pictured: Kennedy Memani, Neotel CEO