Remgro in talks to sell Dark Fibre Africa for R10bn - sources

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Remgro holds 28.2% in Rand Merchant Bank Holdings. (Picture supplied).
Remgro holds 28.2% in Rand Merchant Bank Holdings. (Picture supplied).

Johannesburg - Remgro is in talks to sell broadband provider Dark Fibre Africa to a company owned by Nippon Telegraph and Telephone Corp. of Japan, according to three people familiar with the matter.

Remgro, which owns 51.9% of the business, and investment partner New GX Capital are seeking as much as R10bn ($723m) for the asset, said the people, who asked not to be identified as the talks are private. The potential buyer is Internet Solutions, a unit of Nippon-owned I.T. services provider Dimension Data Holdings, they said. For Stellenbosch, South Africa-based Remgro, the cash injection could be used to repay debt and fund future acquisitions, said one of the people.

Remgro shares rose as much as 1.1% and traded 0.5% higher at R209.68 as of 16:12 in Johannesburg. The company is founded by the family of South Africa’s richest man, Johann Rupert, who is also the chairperson.

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