Liquid Telecommunications Holding Limited’s parent company, Cassava Technologies (“Cassava”), has announced three major transactions that will see Liquid receive more than $150 million in fresh equity capital to be used as part of its debt refinancing plan.
Cassava has received an equity investment from NVIDIA, the leading GPU and AI technology company. NVIDIA becomes the second Silicon Valley player to invest in Cassava, following Google’s investment in December 2024. Other shareholders include Econet Group, Public Investment Corporation, British International Investment (“BII”), Gateway Capital, Royal Bafokeng Holdings, International Finance Corporation (“IFC”), Fund for Export Development in Africa (“FEDA/Afreximbank”), US Development Finance Corporation (“US DFC”), Finnish Fund for Industrial Development (“FinnFund”) and Google.
Cassava has announced the signature of a definitive agreement with STANLIB Infrastructure Investments (“STANLIB”), which will see STANLIB take a minority stake in Africa Data Centres, a subsidiary of Cassava. The transaction will result in Liquid receiving funding, which will be applied towards its debt reduction.
Cassava has also launched a rights offer to raise additional equity from its existing shareholders that will also form part of its overall debt refinancing plan.
“These transactions coming after our previous capital raise concluded in December 2024 are part of our overall plan to deleverage the Liquid balance sheet whilst investing in the rest of our business for future growth,” said Hardy Pemhiwa, President & Group CEO of Cassava Technologies.
