Vumatel was established in 2014 to supply affordable high-speed fibre optic network connectivity to homes in South Africa
Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has disbursed the second and final tranche of a R250 million ($16.6 million) expansion capital facility to Vumatel. The funds will be used for the on-going expansion of Vumatel’s fibre-to-the-home (‘FTTH’) network in a growing number of Johannesburg and Cape Town suburbs.
The Vantage mezzanine facility was structured in two equal tranches of R125 million ($8.3 million), to be drawn by Vumatel upon the achievement of certain operational and financial milestones by the company. Since concluding the transaction in April this year, Vumatel has rapidly expanded its network and has exceeded the milestones required to drawdown both tranches of the R250 million facility from Vantage.
Vumatel was established in 2014 to supply affordable high-speed fibre optic network connectivity to homes in South Africa. Vumatel began deploying its open access FTTH network in October 2014 in Parkhurst, a Johannesburg suburb. Since then, the company has rapidly expanded its network to cover 22 suburbs, reaching more than …read more