Table of Contents
Key Points
- Vodacom will invest $322 million cash plus its fiber networks into Maziv, gaining a 30% stake in South Africa’s top independent fiber platform.
- An April 2025 valuation put CIVH at $667 million, less than half the $1.4 billion Remgro cites, sparking scrutiny over Maziv’s true worth.
- The transaction advances Remgro’s telecom strategy, boosting scale, efficiency, and competitiveness as fiber demand surges across South Africa’s urban centers.
South Africa’s richest man, Johann Rupert, is edging closer to finalizing a landmark R13.2 billion ($741.7 million) deal through Community Investment Ventures Holdings (CIVH), the telecommunications arm of his Remgro Limited. The transaction will see Vodacom Group acquire a 30 percent stake in Maziv Proprietary Limited, the fiber network powerhouse behind Vumatel and Dark Fiber Africa.
Competition Commission agreement clears key hurdle
The Competition Commission announced that it has reached a settlement with Vodacom and Maziv—wholly owned by Remgro’s Community Investment Ventures Holdings (CIVH)—on an expanded set of transaction conditions.
Disclosed in a regulatory filing, the undertakings address the Commission’s initial antitrust concerns, clearing the path for it to withdraw formal opposition to the deal. With the watchdog stepping aside, the matter will now proceed to South Africa’s Competition Appeal Court on an unopposed basis, significantly improving the chances of the transaction securing final approval in coming months.
Deal to reshape South Africa’s fiber landscape
Under the terms of the agreement, Vodacom will inject R6 billion ($322.6 million) in cash and contribute its fiber-to-the-home and fiber-to-business networks—valued at R4.2 billion—into a new entity, InfraCo.
In return, it will acquire a strategic 30 percent stake, with the option to increase to 40 percent, in the enlarged fiber platform that combines the assets of Vumatel, Dark Fiber Africa (DFA), and Vodacom’s fiber infrastructure. The transaction reflects Remgro’s belief in the long-term demand for high-speed broadband, fueled by rising data usage, enterprise digital transformation, and South Africa’s expanding urban middle class.
Amid regulatory progress, an April 2025 appraisal valued CIVH at R12.4 billion ($667 million), far below Remgro’s R26 billion ($1.4 billion) estimate. Just months earlier, Remgro touted Maziv’s R51.9 billion ($2.8 billion) valuation, sparking analyst concerns over assumptions and potential risks for shareholders.
Strategic ambition amid rising fiber demand
Founded in the 1940s by the late Anton Rupert, Remgro has evolved into one of South Africa’s most influential investment groups. Johann Rupert, who chairs the company, retains tight control with a 42.91 percent voting stake.
For Rupert, the transaction remains a cornerstone of its telecoms strategy. CIVH’s networks have become vital enablers of economic growth and digital inclusion, while the expanded Maziv platform is expected to accelerate fiber rollout across underserved communities and small businesses.
As the deal now proceeds to the Competition Appeal Court on an unopposed basis, it is set to become one of the largest fiber infrastructure transactions in South African history—cementing Maziv’s status as the country’s leading open-access network operator and reinforcing Johann Rupert’s imprint on South Africa’s rapidly evolving digital economy.
