Nimbus acquires 26.5 % stake in local firm Paratus

Privately owned telecoms firm, Paratus Africa this week announced that Nimbus Infrastructure Limited has acquired a 26.5% stake in its Namibian operation for an amount of N$95 million.

Nimbus Infrastructure is a Capital Pool Company jointly managed by Paratus and Cirrus Capital with the objective of pursuing investments in the Information Communication and Technology Sector in sub-Saharan Africa.

Nimbus acquired 8% of the issued share capital in Paratus for a cash payment of N$20 million and the balance of N$75 million in shares.

According to the announcement, this transaction allows huge potential growth for both local entities to grow beyond Namibia’s border. Paratus already delivers products and services to 22 African countries and has fully licensed and operational offices in Namibia, Angola, Botswana, Mozambique, Zambia and South Africa.

Paratus CEO, Barney Harmse is excited about on-boarding Nimbus as an equity partner, broadening the company’s capital base and enabling its aggressive expansion plans and infrastructure rollout.

“We plan to invest a total of more than N$150 million on infrastructure in Namibia over the next three years of which N$100 million will be invested in fibre infrastructure,” he added.

Nimbus CEO Schalk Erasmus said with the Nimbus listing on the Namibian Stock Exchange, the company deepened the Namibian capital markets. “This will allow the local savings pool to diversify its exposure into the internet, communication and technology space, a sector which to date has not yet been on the NSX.”

“Nimbus intends to raise further capital in the Namibian markets to leverage off ICT opportunities in Sub-Sahara Africa,” he concluded.