Surfline to expand its 4G network in Ghana

DEG and four other European investors are contributing a total of approximately $60m
Surfline to expand its 4G network in Ghana

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DEG and four other European investors are contributing a total of approximately $60m to Vantage Capital’s third fund. DEG’s commitment to Fund III is $20m. In addition the DEG is providing $15m to a co-investment with Vantage in Surfline Communications. Vantage invested $15m in Surfline from its second fund late last year.

The funds committed by DEG to Surfline will be used for the on-going expansion of the company’s 4G LTE network in Ghana as well as to enhance its product distribution and marketing capabilities.

Surfline aims to offer high-speed internet connectivity, up to 10 times faster than the average speeds offered by the existing mobile network operators.

Gunnar Stork, director equity and mezzanine for Africa and Latin America, said: “DEG is excited to partner with Vantage in the investment in Ghana. We believe that the investment in Surfline will contribute to improve internet connectivity in Ghana and as such be an important factor to bridge the digital divide. In addition we are pleased to continue our partnership with Vantage in general by investing in Fund III, after having already been an investor in Vantage’s first Mezzanine Fund. We believe in this existing asset class on the African continent and see it as an important instrument to facilitate economic growth in Africa.”

Colin Rezek, managing partner at Vantage, said: “We are extremely pleased to receive the strong endorsement of DEG for our third mezzanine fund, which will employ a pan-African investment approach to focus on high-growth markets such as Ghana, Nigeria, the East African Community members and some of the Southern African Development Community (SADC) countries. We also welcome DEG as a co-investor in Surfline, one of the most exciting deals out of the over 600 investment opportunities we have reviewed in the past five years.”

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