Enko expands stake and takes control of telecom infrastructure firm

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Enko Capital has expanded the minority stake it owns in a telecom infrastructure firm following a deal in September 2018 for the firm’s $63 million Enko Africa Private Equity Fund (or EAPEF) by buying out the firm’s controlling shareholder. EAPEF now holds a 75.6% interest in  Network Industry and Services (or NETIS), a company that specializes in the design, construction, installation, and management of telecom infrastructure in sub-Saharan Africa. The balance of the company’s shares is held by NETIS’s co-founders, Jean Farhat and Jean-Claude Figali.

Enko has acquired the stake held by Saham Finances which itself has been acquired by South African insurer Sanlam. The deal, which is being financed by a combination of equity, mezzanine financing, and senior debt supplied by EAPEF, Investec, and Ninety-One, is valued at approximately $30 million. Cyrille Nkontchou, who led the deal for Enko, is joined on NETIS’s board by his colleague, Eric Soubeiga, and two independent directors.

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