Seacom acquires 100 percent of FibreCo
The deal enables the delivery of high-speed internet connectivity.
Seacom, a telecommunications services and infrastructure provider, has agreed to buy 100 percent of fibre provider FibreCo for an undisclosed sum, in a deal that is set to expand its African footprint.
FibreCo owns and operates a national open access dark fibre network, providing infrastructure, connectivity and services across South Africa. FibreCo was founded nine years ago by Convergence Partners, Internet Solutions and Cell C.
Seacom said the acquisition is subject to approval by the South African Competition Commission.
“This acquisition represents another major milestone towards Seacom achieving its vision to expand its African footprint through the consolidation of fibre assets. Seacom believes this is necessary for the evolution of the market, particularly as we move into the 5G environment with its requirement for pervasive fibre networks,” the company said in a statement.
Seacom connects South Africa to the east coast of Africa, India and Europe and FibreCo connects over 60 points of presence across South Africa.
Seacom believes that the FibreCo acquisition would significantly strengthen its operations in South Africa by creating a platform for the expansion of its business services.
“It enables the delivery of high-speed Internet connectivity and cloud products into smaller cities and towns across the country, which have typically been under-serviced,” the company said.