Ghana gets first 4G LTE network
from RUSSEL ADADEVOH in Accra, Ghana
ACCRA – VANTAGE Mezzanine, Africa’s leading mezzanine debt provider, announced it had concluded a transaction with Surfline Communications to provide $30 million (R330 million) of expansion capital to the company together with a fund co-investor.
This would culminate in high-speed internet connectivity up to 10 times faster than the average speeds offered by the existing mobile network operators, officials said.
The funds will be used for the on-going expansion of Surfline’s 4G LTE network in Ghana as well as to grow its product distribution and marketing network.
By deploying the first 4G LTE mobile network in Ghana, Surfline is able to offer high-speed internet connectivity at rates that are competitive with existing internet service providers.
Surfline was established to provide wireless broadband and related services to the Ghanaian market, including meeting the emergent and largely unfulfilled data needs of Ghana’s businesses, government agencies, professional and academic communities and residential users.
The network achieved a very successful commercial launch in August 2014 and is experiencing significant growth in its customer base.
John Taylor, Surfline’s Executive Chairman, said Vantage provided his company with growth capital in a shareholder-friendly structure that we required to expand the business by supplementing the existing financing in place.
Yaw Keteku, Associate Partner at Vantage leading their investment activities in Ghana, said under Taylor’s visionary leadership, Surfline had assembled a team of highly-skilled professionals and technical partners who had built a first class communication network to meet Ghana’s ever-growing data demand.
Luc Albinski, Managing Partner at Vantage, added “We are delighted to announce that we have made our third investment outside of South Africa.
“Over the last five years, Vantage has reviewed over 600 investment opportunities and we consider Surfline to be one of the most exciting deals we have seen,” Albinski said.
– CAJ News
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