Frogfoot Holdings and Vox Holdings
Investment Banking
Investec advises the exiting shareholders in Frogfoot and Vox, alongside a successful equity raise
Our role
Investec is proud to have acted as financial adviser to the exiting shareholders of Frogfoot Holdings (Pty) Ltd ("Frogfoot") and Vox Holdings (Pty) Ltd ("Vox") facilitated by a successful equity capital raise and shareholder restructuring. The transaction introduced a consortium of new and reinvesting shareholders, and led to the exit of certain shareholders, providing liquidity while repositioning the shareholder base for the next phase of growth. The transaction attributed a combined enterprise value of R14.4 billion and an implied after-debt equity value of R8.4 billion to the businesses, demonstrating their material scale within the South African telecommunications sector.
The capital raise will position the businesses to accelerate their fibre network expansion and increased connectivity across underserved communities in South Africa. The successful partnership that Investec has built with Frogfoot and Vox since 2011 underscores our long-standing and strategic client relationships.
Transaction overview
The transaction leveraged the combined capabilities of the Corporate Finance and Sponsor Leveraged Finance teams within Investec Investment Banking.
"This transaction marks an important milestone in the evolution of Frogfoot and Vox and positions the businesses strongly for our next phase of growth. We are grateful to our existing and new shareholders for their continued support and confidence in our long-term strategy. Investec has been one of the trusted advisers to our businesses over many years, and the success of this transaction reflects the strength of that longstanding relationship" - Abraham van der Merwe, Group CEO
About Frogfoot Networks (Pty) Ltd
Frogfoot is a privately held South African open-access fibre network operator that builds, owns and operates fibre infrastructure used by internet service providers to deliver connectivity to end customers. Its network provides fibre-to-the-home, fibre-to-the-business and fibre-to-the-tower connectivity across South Africa. Established more than 25 years ago, Frogfoot is one of South Africa’s largest fibre network operators and was described in the transaction announcement as the country’s fourth-largest operator.
About Vox Telecommunications (Pty) Ltd
Vox is a privately held South African internet service provider and integrated information and communications technology business. It provides fixed and wireless connectivity, voice and telephony, data, cloud and collaboration, and cybersecurity services to households, businesses and public-sector customers nationally. Vox also owns Hypa Fibre, a prepaid fibre internet service provider focused on affordable connectivity for lower-income households.
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