South African fund PRIF buys into Kenyan data firm Icolo

Image: WeeTracker

KENYA – South African investment fund Pembani Remgro Infrastructure Fund (PRIF) has acquired a 20 per cent stake in a Kenyan data storage firm, Icolo Limited.

The move will see the firm expand its operations across the country.

In a notice in the Kenya Gazette, Kenya’s competition regulator Competition Authority of Kenya (CAK) said it had given nod to the multi-billion deal that first came into the limelight December last year. 

“It is notified for general information that in exercise of the powers conferred upon the Competition Authority by section 46 of the Competition Act, the CAK has authorized the proposed transaction as set out herein,” said the regulator in the gazette notice in part

The transactions will see PRIF Africa Holdings Ltd acquire 20 per cent stake of the issued shares with controlling rights in Icolo Ltd.

The value of the deal is yet to be disclosed.  

Icolo designs, builds and operates state of the art carrier neutral data centers to serve a broad spectrum of clients – telecom carriers, ISPs and peering points, IT and cloud providers, content providers, enterprise and financial services customers.

Their data centers are hyper-connected hubs and provide colocation services which include power, security, network access, redundancy, rack space, and precision cooling to its customers.

Pembani Remgro is an infrastructure fund which invests in a broad range of infrastructure assets across the African continent.

The Johannesburg based firm, founded by two of South Africa’s richest men, has raised US$345 million to invest in electricity generation, transport and logistics in Africa.

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