ECONET Wireless Global has acquired 8.6% shares in its subsidiary Liquid Telecom held by JSE listed technology company Altron.
In a statement to the Johannesburg Stock Exchange (JSE), Altron, which owns Altech, said Econet had agreed to pay $55 million for the stake. The transaction was done at a valuation of Liquid Telecom of $640m.
A spokesman for Econet Wireless Global in South Africa confirmed rwell," said the spokesman.
Liquid Telecom is a specialized telecoms operator, which mainly focuses on the business market, providing services like satellite communications, and fibre optic networks. It has fibre optic networks in 12 African countries, and is also the largest operator of V-SAT earth stations across Africa.
Meanwhile the spokesman also confirmed that Liquid Telecom is not a subsidiary of Econet Wireless Zimbabwe.
"I can confirm once again that Liquid Telecom, is not, and has never been, a subsidiary of Econet Wireless Zimbabwe," they said.
"Both Econet Wireless Zimbabwe and Liquid Telecom, are subsidiaries of Econet Wireless Global, whose principle shareholder is Strive Masiyiwa. Econet Wireless Zimbabwe does not have business interests outside Zimbabwe."