Convergence Partners secures R200m funding facility from Nedbank
Convergence Partners secures R200m funding facility from Nedbank
Convergence Partners, a Black Economic Empowerment investment company focusing on the Technology, Media and Telecommunications sector, is pleased to announce that it has successfully completed a capital raising of R200m.
The funders, Nedbank Capital and Makalani Holdings Limited, have committed to contribute R125m and R75m respectively. This brings Convergence Partners’ total capitalisation value to around R600m.
The funding has been structured by way of a drawdown facility in the form of redeemable preference shares repayable in seven years. This allows Convergence Partners to invest equity into new projects and transactions but also into the refinancing of existing transaction structures. Convergence Partners will continue to leverage further on its equity injections into future transactions on a deal by deal basis.