African Capital Alliance provides equity portion of WIOCC’s capital raise

Image Credit: WIOCC

CAPE IV, a private equity fund managed by Lagos-based African Capital Alliance, is investing the equity component of the capital raised by WIOCC Holding, a provider of end-to-end managed wholesale connectivity services within, to, and from Africa. The debt portion of the capital raise is being provided by International Finance Corporation, Proparco, and the Ninety One-managed Emerging Africa Infrastructure Fund. In total, WIOCC is raising $200 million of equity and debt, the breakdown of which has not yet been disclosed.

WIOCC will use the capital for its expansion plans. These include investments to expand its connectivity within Africa and internationally as well as set up a new data center subsidiary for the group. The company is making strategic investments in the new Equiano and 2Africa international subsea systems, adding multi-Terabits of capacity to WIOCC’s existing core network infrastructure and increasing its options for delivering the high-availability solutions demanded by the market in Africa. WIOCC will also use part of the financing to deploy more national and metro networks in new locations helping to broaden its client base and revenue streams further.

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