Deal Description: The West Indian Ocean Cable Company Holding Ltd (WIOCC Group), a leading digital and infrastructure provider in Africa, has secured a US$30 million equity investment from the International Finance Corporation (IFC).
The equity investment is to support WIOCC Group's continued rollout of terrestrial fiber-optic networks, new subsea cables, and the launch of data center infrastructure. The transaction is subject to customary conditions and is expected to close in the last quarter of 2022.
Commenting on the equity investment, Chris Wood, WIOCC Group Chief Executive Officer, said:
"This new investment supports our goal of establishing an integrated, open-access, core-to-edge cloud ecosystem throughout the African continent, underpinned by truly scalable, carrier-neutral, open access, shared infrastructure that delivers high-quality and affordable digital connectivity. The Baker Botts team were invaluable in providing their expertise and efficient support to ensure the transaction was successfully completed."
Baker Botts L.L.P. represented WIOCC Group in the transaction. IFC was represented by Hogan Lovells.
Baker Botts Lawyers/Offices Involved:
Corporate: Stuart Blythe (Partner, London), Paul Exley (Senior Counsel, London), Suzana Vukasinovic (Senior Associate, London).