Smile Telecoms, a leading operator of 4G network in Nigeria, Tanzania and Uganda bids $365 million in funding to encompass its network in new and existing markets.
The company is also aiming to commence its broadband network in Democratic Republic of Congo early in 2016.
The company, which operates 800MHz LTE networks, said it aims to offer “clear voice services and have national coverage comparable to the largest 3G network in each of its current countries of operation” by the end of the year.
The debt and equity financing will be used to accelerate national network roll-outs, including equipment and services provided by Alcatel Lucent and Ericsson, a full MPLS (multiprotocol label switching) network, a London point of presence and expanded international backhaul services, as well as to fund operational expenditure and working capital.
The operator claims the funding is one of the largest capital raises ever for a telecommunications operator in Africa and brings the total funding committed to Smile since its founding in 2007 to around $600 million.