Mawingu Networks is set to sell a 35% stake to Pembani Remgro Infrastructure Fund II, a South African-based private infrastructure equity fund. The deal is currently under review by COMESA’s competition authority. It involves a significant minority share, not a controlling interest.
PRIF II invests in core infrastructure sectors across Africa. They include: energy, transport, logistics, and digital connectivity. By buying the stake, PRIF II will gain entrance into Kenya’s growing and profitable ICT sector.
The Mawingu network is poised to benefit from acquiring capital for expansion. Recently, Mawingu Networks reached 30 Kenyan counties, including remote areas. The network provider is laying over 30-50km of fibre optic cable in Garissa and Isiolo.
In February 2023, Mawingu secured Ksh 1.12B in funding to expand into an additional 25 counties, starting with Kilifi, Kwale, Uasin Gishu, Bungoma, Kisii, and Migori. In November 2024, the internet service provider raised Sh1.9B from various investors through which they used to acquire Habari, an established Tanzanian Internet Service Provider based in Arusha. The cross-border expansion aligns with the company’s goal of impacting one million East Africans by 2028.
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