Transaction Summary
Meridiam SAS (Meridiam) has acquired a majority stake for an undisclosed sum in Ilitha Telecommunications Proprietary Limited (Ilitha), a South African fibre network operator providing prepaid internet access to underserved township communities, combining fibre-to-the-home (FTTH) with on-the-go WiFi hotspots. The investment, made through The Urban Resilience Fund B (TURF B), will accelerate Ilitha’s fibre rollout, aiming to connect over 500,000 low-income households and improve digital access for more than 2 million South Africans. TURF B, launched in 2021 in partnership with The Rockefeller Foundation and The United Nations Capital Development Fund (UNCDF), is a specialised fund supporting resilient urban infrastructure, with a €350 million ($380 million) allocation for non-OECD markets, primarily Africa.
Terms
- Fund Managers: Meridiam SAS
- Fund: The Urban Resilience Fund (TURF) B Fund (Meridiam)
- Target: Ilitha Telecommunications Proprietary Limited
- Financing Type: Equity
- Investment Strategy: Buyout
- Financing Instrument: Ordinary Shares
Transaction Rationale
The Urban Resilience Fund B’s investment in Ilitha aligns with
