Transaction Summary
Infinite Partners (Infinite) and the Public Investment Corporation (PIC) have completed the acquisition of three South African fibre infrastructure companies—Evolution Tel (Pty) Ltd (Evotel), Linklayer (Pty) Ltd (Linklayer), and Net Nine-Nine (Pty) Ltd (Net99) for an undisclosed sum. The three companies will be consolidated under a new entity, Fibre Holdco. Evotel provides internet connectivity to middle-income suburbs, secondary cities, and rural mining towns. Linklayer supplies fibre connectivity to households in KwaZulu-Natal, while Net99 offers affordable and accessible internet connections to low-income households. Announced on 21 November 2024, the funding enables Fibre Holdco to expand reliable and affordable fibre connectivity to 1.5 million households, particularly in historically underserved communities, townships, and rural mining towns. Infinite executed the deal through its Core Equity Fund II, a buyout fund launched in 2023 that targets mid-market African technology and software companies.
Terms
- Fund Manager: Infinite Partners, Public Investment Corporation
- Fund: Infinite Partners Core Equity Fund
