Smile, The Pan-African Wireless ISP, Has Raised $365 Million to Expand Its Network
Tuesday, September 15, 2015
Three years after launching Africa’s first 4G LTE services in Tanzania, Uganda and Nigeria, Smile Telecoms has raised $365 million.
The funding, one of the largest capital raises by any operator in Africa’s telecommunications space, is includes $50 million of equity raised from South Africa’s Public Investment Corporation and $315 million in debt financing by a group of financial institutions in Nigeria and South Africa led by African Export-Import Bank.
The landmark funding will be directed towards expanding Smile’s 4G LTE mobile broadband networks and services said Irene Charnley, Smile’s Chief Executive Officer.
One of the company’s goals is to develop national coverage in countries of operation as well as help meet its early 2016 launch date for its broadband network in the Democratic Republic of Congo.