Google, IFC invest in African wholesale operator
19 May 2017
Google, Convergence Partners, the International Finance Corporation (IFC) and Mitsui have signed an agreement to invest in CSquared, a broadband infrastructure company focused on building wholesale metro fibre networks and enabling Internet access in Africa. CSquared will operate as an independent company headquartered in Nairobi, Kenya with cumulative capital commitments up to USD 100 million.
CSquared has operational networks in Uganda and Ghana and plans to deploy networks in more countries. The partnership will combine Google’s technical knowledge and expertise in deploying and operating wholesale metro infrastructure in Uganda and Ghana through Project Link with the additional capital, skills, and reach from all four investors.
Convergence Partners’ experience of active investing in the ICT sector in sub-Saharan Africa, IFC’s experience spanning over 40 years supporting the development of the telecommunications sector in Africa, as well as Mitsui’s cross-industry capabilities, vast investment portfolio and global business presence, and its experience as a strategic investor in the ICT sector, will significantly bolster the scale and resources of CSquared in its quest to grow access to the internet across the entire sub-Saharan region.