Seacom acquires FibreCo
Pan-African telecom company Seacom today announced it has concluded a sale agreement to acquire 100% of FibreCo Telecommunications for an undisclosed amount.
Seacom says the acquisition, which is subject to approval by the Competition Commission, is in line with its vision to expand its African footprint through the consolidation of fibre assets.
The company is also of the view the acquisition is necessary for the evolution of the market, particularly in the move towards 5G with its requirement for pervasive fibre networks.
"The FibreCo acquisition significantly strengthens Seacom's 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 acquisition will allow Seacom the opportunity to further invest in and grow the business, establishing Seacom as a leader in bridging South Africa's digital divide and strongly positioning the country to be a key player in the fourth industrial revolution."