Medu spends $5.75mln for 15% HeroTel stake

cellular tower

Medu Capital, the South African private equity firm, has acquired a 15% stake in Hero Telecomms for R74.25 million, (approximately $5.75 million at current rates), valuing the wireless internet service provider at R495 million or $38.4 million.

Stellenbosch-based HeroTel was established in 2014 to with the objective of consolidating the fragmented Wireless internet Service Provider (WISP) market. Since then, the company has acquired a total of 10 WISPs and is reportedly working an additional two potential acquisitions currently. The fresh equity capital will be used to fund the company’s ongoing acquisition plans.

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