African Rainbow Capital (ARC), a private investment vehicle controlled by South African mining billionaire Patrice Motsepe, has reportedly acquired an 18.4% stake in Metro Networx.
Founded in 2010, Metro Networx is a South African-owned and managed open access fibre network and broadband fibre provider based in Johannesburg. Metro Networx is a carrier class Ethernet (CE 2.0) infrastructure company providing highly managed fibre optic broadband connectivity.
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ARC is a subsidiary company of Ubuntu-Botho Investments (UBI), a black empowerment investment holding company created in 2004 to be the empowerment partner of Sanlam, a South African financial services company in which Motsepe owns a minority stake.
Patrice Motsepe, South Africa’s first and only black billionaire, has a current net worth of $1.26 billion according to FORBES’ Realtime billionaire scoreboard on Thursday.