Afrimax Group has secured USD 120 million growth funding from a consortium of investors led by Mitsui & Co to accelerate the roll-out of its LTE business model across multiple African markets. The investment round was led by Mitsui & Co, together with a number of private investors spearheaded by Torreal, one of the largest private investment firms in Spain, in addition to existing shareholders Four G Capital, the International Finance Corporation and the IFC African, Latin American and Caribbean Fund, an investment fund managed by the IFC Asset Management Company.
In November 2014, Vodafone and Afrimax Group jointly announced a non-equity strategic framework agreement to cooperate and explore opportunities for Partner Market agreements in the sub-Saharan Africa region. Under this framework agreement, Vodafone Uganda was launched in February, combining the deployment of new 4G networks with the use of existing infrastructure for 2G and 3G services. Afrimax has 4G licences covering 12 countries and 222 million people, and further licences are being acquired across sub-Saharan Africa.
