TDB ARRANGES SEYCHELLES’ BIGGEST PRIVATE SECTOR DEAL IN A DECADE

Cable and Wireless Seychelles is acquired by local investors, with TDB as Mandated Lead Arranger

Victoria, 12 November 2019 – With a total deal size of $107.5M, $70M of which was arranged by TDB, the acquisition of Cable & Wireless Seychelles (CWS) from Liberty Latin America, by CWS Investment Ltd – a group of Seychellois entrepreneurs — is Seychelles’ biggest deal in a decade. It is also TDB’s largest transaction on the Island to date.

CWS is one of the largest and oldest private companies in the Seychelles and the country’s leading player in the ICT sector. The company has been at the forefront of technology and innovation in Seychelles for the past 126 years and has built an advantageous position for its business over its competitors, particularly with regards to LTE and FTTH coverage.

The debt financing required for CWS’ acquisition was arranged and led by TDB with the participation of Absa Group Limited and ABC Banking Corporation of Mauritius, with the assistance of Seychelles-based Nouvobanq.

With 98% of its workforce being local, CWS, now owned by local investors, will ensure that, not only is the company a truly Seychellois company, but that the profits from the business stay in the Seychelles. Likewise, it will also allow the new investors to further develop business operations in upcoming years by providing a wider range of services to their clients. Along with improved ICT infrastructure, this will in turn increase connectivity and productivity in the country.

“TDB is pleased to have served as mandated lead arranger in this landmark transaction, which along with its partners, is sure to contribute to the development of Seychelles’ telecommunications industry” said Admassu Tadesse, TDB President and Chief Executive. “With financing of more than $200M already invested in ICT projects in various TDB Member States, we know that good ICT infrastructure is a key enabler for more dynamic economic growth and connectivity of citizens.”

Dr. Mabouba Diagne, Coverage Executive for Franco-Lusophone Africa, covering the Seychelles, adds that “an acquisition of this size by Seychellois entrepreneurs from a multi-national company such as Liberty Latin America is a testament to the health and resilience of Seychelle’s economy. We are thrilled to be able to accompany our Member States in their successful and sustainable economic development journey.”

Mr. Francis Chang Leng, who is the Project Co-ordinator for the acquisition through Seychelles-based professional services firm ACM, which is also one of the new shareholders, said: “With TDB’s support, we are thrilled to bring one of the country’s most important and successful companies into local hands. This move will undoubtedly have both direct and indirect benefits for Seychelles and its population, and we are extremely grateful for the role TDB has played in our successful bid for CWS, which is not only a prized business asset, but more importantly, a national institution”.

His Excellency Danny Faure, President of the Republic of the Seychelles says, “the Government is pleased to see the confidence that the investors have shown in their local economy. The growth of CWS will translate into the economic empowerment of Seychellois through the creation of new jobs and the broadening of ownership of this company.”

In the Seychelles, TDB has also been instrumental to the development of Eden Island by being one of the main financing banks for the project and is supporting its further development so that more Seychellois and young families can benefit from this landmark housing estate.