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Liquid closes US$660mn refinancing as oversubscribed Eurobond backs Africa’s digital growth.

A 2.5-times oversubscribed Eurobond issued in a cautious and risk-selective market has highlighted strong investor confidence in Africa’s digital infrastructure sector and the long-term growth prospects of Liquid Intelligent Technologies

Liquid Intelligent Technologies has completed a US$660 million debt financing package, including a US$300mn Eurobond that attracted demand 2.5 times above the amount offered. The result signals robust institutional appetite for one of Africa’s largest independent fibre network operators.

The bond, listed on Euronext Dublin and issued under Rule 144A/Regulation S, formed the central element of a broader refinancing and debt repayment programme undertaken by Liquid, the pan-African fibre and technology business owned by Cassava Technologies.

According to the company, the transaction retires previous debt obligations, extends the maturity profile of its borrowings and resets the balance sheet on terms that provide management with greater financial flexibility to accelerate growth and reinforce Liquid’s role in Africa’s digital transformation.

The strong level of demand, despite a challenging capital markets backdrop, suggests investor confidence in Liquid’s underlying assets. These include a 115,000-kilometre fibre network spanning more than 25 countries, expanding cloud and cybersecurity revenues, and a strategic position at the intersection of connectivity and AI infrastructure.

The Eurobond was accompanied by syndicated ZAR and USD term loan facilities. A US$210mn ZAR syndicated term loan, arranged by Nedbank, Rand Merchant Bank, Standard Bank and the International Finance Corporation, provides a natural currency hedge against Liquid’s significant South African revenues.

A further US$150 million syndicated term loan was provided by Ninety One through its own funds and the Emerging Africa and Asia Infrastructure Fund, together with The Mauritius Commercial Bank Limited (MCB).

Alongside these facilities, Cassava Technologies injected US$195mn in fresh equity. Combined, the instruments retire prior debt obligations, lengthen maturities, improve balance sheet flexibility and place net leverage on a downward path.

Anchor orders for the Eurobond were placed by leading development finance institutions, including DEG. Their participation indicates confidence in the developmental importance of Liquid’s digital infrastructure across emerging markets.

Credit rating momentum also supported the transaction. Fitch Ratings upgraded Liquid Intelligent Technologies ahead of launch, while Moody's placed the issuer on Review for Upgrade.

J.P. Morgan, Rand Merchant Bank and Standard Bank acted as Joint Global Coordinators and Joint Bookrunners.

"This refinancing is a significant milestone, not just financially, but strategically. A stronger, more sustainable balance sheet gives Liquid the platform it needs to pursue the full scope of digital transformation opportunities across Africa, from fibre and cloud to cyber security and AI-enabled infrastructure. The quality of the institutions that participated in this transaction is a statement of confidence in Liquid’s fundamentals and in Africa’s digital growth story," remarked Hardy Pemhiwa, Group CEO, Liquid Intelligent Technologies.

NTT DATA becomes Africa's first network operator to activate 400 Gbps peering at JINX

NTT DATA has achieved a major milestone in Africa's digital infrastructure by becoming the first network operator on the continent to activate 400 Gbps peering at the Johannesburg Internet Exchange (JINX)

As one of the world’s fastest-growing digital regions, Africa continues to see rising internet usage, expanding submarine cable networks, and increasing adoption of digital services. Against this backdrop, investment in high-capacity, high-performance exchange infrastructure is becoming essential to support innovation, economic growth, and broader digital inclusion.

The introduction of 400 Gbps peering represents a step forward for both NTT DATA’s network capabilities and the development of Africa's internet exchange landscape. It also highlights how South Africa’s exchange ecosystem is aligning with global standards, enabling higher-capacity and lower-latency connectivity to meet growing demand.

Established in 1996, JINX was the continent's first internet exchange point and remains a key component of regional digital infrastructure, operating across several data centres in Johannesburg. It is managed by the Internet Exchange Point of South Africa, a division of the Internet Service Providers' Association. Through its broadband network operations, NTT DATA plays a central role in linking access networks, content providers, and enterprise platforms.

“Africa’s Internet traffic is growing rapidly and the demand for scalable, resilient and low-latency connectivity continues to increase," said JC Burger, director of infrastructure engineering and operations at NTT DATA in South Africa.

"Establishing 400Gbps peering at JINX is a strategic investment that strengthens our ability to deliver high-performance connectivity while supporting the long-term growth of Africa’s digital economy."

The upgrade is expected to deliver clear benefits for businesses, including improved performance during peak traffic periods, increased capacity to manage sustained data growth, and enhanced reliability for digital services.

This development underlines South Africa's readiness for hyperscale peering while reinforcing NTT DATA’s focus on building scalable, carrier-grade infrastructure. Through continued investment, the company is helping to create a more resilient, high-performance internet ecosystem and supporting digital transformation efforts across the continent.

Oni-Tel strengthens Africa Data Centres fibre network. (Image source: African Data Centres)

Africa Data Centres, part of Cassava Technologies, has entered into a partnership with Oni-Tel Fibre Networks to enhance connectivity across its Gauteng-based facilities

The agreement will see Oni-Tel provide high-speed, low-latency connectivity to Africa Data Centres’ campuses in Midrand and Samrand via its Infinity fibre interconnection platform.

Designed specifically for data centre interconnection, the solution is built on a resilient network with direct links to key data centre hubs across Gauteng. This enables customers to access high-capacity bandwidth, fast data transfer speeds, and secure, carrier-grade performance, meeting the uptime and reliability demands of modern digital operations.

“As enterprises accelerate cloud adoption, AI deployment, and data-intensive workloads, they need dependable, scalable connectivity within trusted local data centres. By partnering with Oni-Tel, we’re giving our customers access to enhanced fibre infrastructure that supports their growth and innovation, while maintaining secure, enterprise-grade environments for businesses navigating South Africa’s digital economy,” said Adil El Youssefi, CEO of Africa Data Centres.

As the operator of Africa’s largest interconnected and vendor- as well as cloud-neutral data centre platform, Africa Data Centres will further strengthen its service offering through this collaboration. The partnership enhances network performance and broadens connectivity choices within its facilities, allowing customers to benefit from improved interconnection flexibility, high-availability infrastructure, seamless bandwidth delivery, and scalable solutions aligned with evolving business needs.

“Our partnership with Africa Data Centres enables us to deliver our premium fibre interconnection solution into some of the most strategically important data centre hubs in Gauteng. Through Infinity, customers benefit from ultra-low latency connectivity, scalable capacity, and secure, carrier-grade infrastructure designed to keep their businesses ahead in an extremely competitive digital landscape,” said Ellisha Gobind, chief Commercial Officer at Oni-Tel.

Africa Data Centres’ facilities continue to act as critical interconnection hubs across the continent, serving a wide range of users including enterprises, cloud providers, financial institutions, mobile network operators, and fixed network operators. The addition of Oni-Tel’s dark fibre solution further strengthens the carrier-neutral ecosystem in Gauteng, offering customers enhanced network performance, greater speed, and expanded connectivity options.

With demand for secure and high-performance digital infrastructure continuing to grow, Africa Data Centres remains committed to developing a robust, interconnected platform that supports enterprise innovation and sustainable growth across South Africa and the broader region.

Each school receives internet connectivity with speeds of no less than 10 Mbps and a 500GB fair usage allowance. (Image source: African Data Centres)

Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, has expanded its connectivity initiative in South Africa by linking 45 public schools in KwaZulu-Natal, specifically in Umlazi and Pinetown

This effort is delivering stable internet access to thousands of learners and educators, while pushing the nationwide rollout to 65% completion and significantly contributing to efforts aimed at reducing the country’s digital divide.

Under the programme, each school receives internet connectivity with speeds of no less than 10 Mbps and a 500GB fair usage allowance. This enables both students and teachers to utilise digital platforms, stream educational content, and remain connected throughout the school day.

“Connectivity is a catalyst for change,” said Ziaad Suleman, CEO of Cassava Technologies in South Africa and Botswana. “By connecting schools in Umlazi and Pinetown, we are not only providing internet access; we are opening doors to opportunity, equipping learners to compete in a digital world, and strengthening communities through inclusive education.”

For many of the participating schools, this marks their first exposure to digital learning tools within the classroom. Students can now engage with online curricula, global knowledge resources, and research platforms, while educators benefit from enhanced teaching tools, improved administrative processes, and more effective communication methods. In underserved communities, the initiative is reshaping how education is delivered.

The rollout is part of Liquid’s wider national programme to connect 298 public service institutions, of which 194 have already been completed. These sites include schools, healthcare centres, libraries, and traditional authority offices, with implementation continuing in phases through to 2029. As part of its commitment, Liquid is also responsible for maintaining and securing the deployed connectivity infrastructure, ensuring consistent and reliable service.

As the initiative progresses, each additional connection supports the advancement of South Africa’s education system and contributes to building a more digitally inclusive society. By providing dependable infrastructure, Liquid is enabling learners to participate in the digital economy and ensuring broader access to opportunities across communities.

 
 

AfDB backs Nigeria digital infrastructure expansion with US$200mn loan. (Image source: AfDB)

The board of directors of the African Development Bank Group has approved a US$200mn loan to the government of Nigeria to support a major national initiative aimed at expanding fibre connectivity, strengthening digital skills, and accelerating job creation

As Africa’s most populous nation and the largest economy in West Africa, Nigeria is positioning its digital economy as a key driver of growth. The Digital Value Chain Infrastructure for Boosting Employment (D-VIBE) Project is designed to address connectivity gaps and enhance productivity nationwide. The programme will extend the country’s fibre network from approximately 30,000 km to 120,000 km, ensuring all 774 Local Government Areas are linked to high-speed broadband. This includes critical infrastructure such as schools, healthcare centres, agro-industrial zones, rural communities, and commercial hubs, while also establishing cross-border connections with Benin, Cameroon, Niger, and Chad.

Also referred to as Project BRIDGE, D-VIBE will be implemented through a public-private partnership model using a Special Purpose Vehicle (SPV). Under this structure, public ownership will range between 25% and 49%, while private investors will hold between 51% and 75%. This approach is intended to mitigate challenges such as high construction costs and Right-of-Way barriers that have historically slowed infrastructure rollout.

The African Development Bank Group’s US$200mn contribution forms part of a broader US$800mn sovereign financing package. Additional funding includes US$500mn from the World Bank and US$100mn from the European Bank for Reconstruction and Development. Total investment in the project is estimated at US$2bn, supported by a €22mn grant from the European Union, a US$2.6mn project preparation grant from the Multilateral Cooperation Center for Development Finance, and at least US$1.2bn in private sector funding.

“Nigeria has the talent, the market, and the ambition; what it has lacked is the backbone infrastructure to connect that potential to opportunity. D-VIBE changes that. From the north to the south, from farms to factories to classrooms, this investment will make high-speed connectivity a reality for every Nigerian community and give young people the tools to build their futures digitally,” said Abdul Kamara, director general, African Development Bank Group Nigeria Office.

The project is being coordinated through a working group of development finance institutions, jointly led by the Nigerian government and the African Development Bank Group, to align technical design, studies, and funding strategies.

Beyond expanding infrastructure, D-VIBE will focus on stimulating demand through improved access to affordable devices, large-scale digital skills development, and support for digital platforms across priority sectors. It will also strengthen cybersecurity frameworks and promote market competition, while incorporating sustainability measures such as hybrid and renewable energy solutions to enhance resilience.

Over its lifecycle, the initiative is expected to generate up to 2.8 million jobs and increase national broadband penetration from 45% to around 70% by 2030.

The project supports Nigeria’s Vision 2050, the National Development Plan, and the Renewed Hope Development Plan (2026–2030), while also aligning with African Union Agenda 2063 and the African Development Bank’s Ten-Year Strategy (2024–2033).

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