[ad_1]
Liquid Intelligent Technologies has secured US$410-million (R6.5-billion) in new financing from a consortium of commercial development finance institutions, according to a Thursday statement.
Liquid’s parent company Cassava Technologies has simultaneously committed to a $195-million (R3.1-billion) capital injection into Liquid, bringing the total new funding to R9.6-billion.
The news follows the full repayment by Liquid of a rand-denominated term loan and US dollar-denominated revolving credit facility.
“These transactions, alongside the recent sale of a minority stake in a data centre subsidiary in South Africa, are part of a significant strengthening of our capital structure as we position the group for accelerated growth,” said Hardy Pemhiwa, group CEO of Cassava Technologies, in the statement.
According to the statement, the debt restructuring and capital injection form part of a broader recapitalisation strategy that includes the recent disposal of an undisclosed stake in Liquid and the sale of a stake in another Cassava company, Africa Data Centres. The ADC stake was purchased by Standard Bank Group subsidiary Stanlib and approved, without conditions, by the Competition Commission in January.
Growing capital demands
The new credit facilities comprise both rand and dollar-denominated loans. Liquid did not disclose the specific terms or maturity profiles of the new facilities.
The refinancing comes as African technology infrastructure providers face increasing capital demands to expand network coverage and data centre capacity amid surging demand for digital services across the continent.
Read: South Africa’s data centre market ripe for consolidation
Pemhiwa said the strengthened financial position will allow the group to accelerate its growth trajectory across the African continent, where it operates fibre networks, data centres and cloud infrastructure. — (c) 2026 NewsCentral Media
Get breaking news from TechCentral on WhatsApp. Sign up here.
[ad_2]
Source link
