Mawingu Networks, a Kenyan Internet Service Provider (ISP) has acquired Habari, an Arusha-based ISP, for KSh 1.9bn.
- •A big chunk of the funding for the acquisition came from Africa Go Green Fund, managed by Cygnum Capital, who provided Ksh. 1.4 billion in long-term senior debt.
- •Mawingu targets to positively impact 1,000,000 East Africans by 2028 by riding on the ‘buy-and-build’ strategy.
- •The rest of the capital was sourced from InfraCo Africa and the Dutch Entrepreneurial Development Bank FMO.
“This acquisition, along with an additional $15 million of financing, will enable Mawingu to deliver its value proposition of affordable internet connectivity to homes in Tanzania that has only connected 300,000 out of 14,000,000 homes,’ said Farouk Ramji, CEO of Mawingu Networks.
The 14-year-old Mawingu now serves 20, 000 homes and businesses with 175 base stations distributed across 30 counties. According to the latest data from the Communications Authority of Kenya (CA), Mawingu holds 2.6% of the ISP market in Kenya. Habari, on the other hand, serves seven regions in Tanzania and has been operational for 25 years.
“This investment underscores our commitment to a climate-resilient Africa, where connectivity and sustainability go hand-in-hand to support economic growth and environmental stewardship,” said Laurène Aigrain, Managing Director of Africa Go Green Fund.