Mitsui & Co., the Tokyo-headquartered trading and investment company, has led a consortium of investors in backing Afrimax Group with $120 million in growth funding. Additional members of the consortium include Torreal, the Spanish investment company as well as the mobile network operator’s existing stakeholders Four G Capital, the IFC and the IFC’s African, Latin American and Caribbean Fund. Additional terms of the deal were not disclosed.
The sizeable equity investment follows the joint announcement in late 2014 by Vodaphone and Afrimax of the non-equity strategic framework agreement to cooperate and explore opportunities for Partner Market agreements in the sub-Saharan Africa region. This led to the launch of Vodafone Uganda in February of this year, combining the deployment of new high speed 4G networks with the use of existing infrastructure for 2G and 3G services.
“We are excited by the growth opportunities in Sub Saharan Africa, where Afrimax has secured one of the industry’s largest footprints of 4G licenses, and plan to rapidly replicate the successful launch of Vodafone Uganda,” commented Nobuaki Kitomori COO of Mitusi’s IT and Communications business.
Afrimax was founded by mobile telephony entrepreneurs Jay Metcalfe, Peter Langkilde and Rob Philpott who, for over twenty years, have been involved in highly successful telecommunications start-ups, operations and financing in Africa and around the world including Millicom, Celtel and BellSouth.