Johann Rupert considering to sell $1.5bn stake in Vumatel and Dark Fibre Africa
JOHANNESBURG – Johann Rupert, the billionaire who controls luxury-goods giant Richemont, is considering selling stakes in two South African fiber networks valued at as much as $1.5 billion, people with knowledge of the matter said.
The tycoon is working with an adviser to gauge interest from potential investors in buying stakes in Vumatel Pty and Dark Fibre Africa Pty, according to the people, who asked not to be identified because the information is private. Bidders could include local telecommunications companies as well as infrastructure funds, the people said.
Vumatel helped pioneer the country’s fiber-to-the-home industry, while Dark Fibre operates over 10,000 kilometers (6,200 miles) of high-speed network infrastructure. Rupert owns his stakes in the two companies through Community Investment Ventures Holdings Pty, a unit of his publicly traded investment firm Remgro Ltd.
Source: iol.co.za