10/26/2020 | News release | Distributed by Public on 10/26/2020 09:34
Clifford Chances advises Africell Holding Limited on a US$100 million financing to fund telecommunication infrastructure investments in Uganda, Democratic Republic of Congo, the Gambia and Sierra Leone
International law firm Clifford Chance advised Africell Holding Limited in respect of a USD100m financing being provided by the United States Development Finance Corporation.
Africell is a key player in the African telecommunication space and one of the fastest-growing mobile telecommunications operators in Africa. Africell currently operates in four African countries: Uganda, Democratic Republic of Congo, the Gambia and Sierra Leone and has since established itself as the market leading operator in The Gambia and in Sierra Leone while rapidly growing its operations in the Democratic Republic of the Congo and Uganda.
The financing will help fund the development and expansion of its mobile network operations and general telecommunications infrastructure investments in its operating countries (including expansion of its fintech services, such as mobile payments, micro-insurance and micro-finance and upgrades to, and expansion of its 2G, 3G and 4G networks as well as acquisition of a 4G license in the Democratic Republic of Congo).
The Clifford Chance team was led by London-based partner Leonard Cleland and senior associate Kayode Oladipo, with the support of Evan Cohen, Daniel Winick, Leah Edelboim, Chiemaka Chukwu and Rob Richardson in New York and Washington D.C.
Kayode Oladipo commented that, 'We are delighted to have advised Africell on this important transaction that would have highly developmental impact in the relevant operating countries by expanding the availability and quality of affordable mobile telephone and internet services in these countries - in today's world, telecommunications are an indispensable part of socio-economic growth in emerging economies.'