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Africa’s top fiber operator is in talks with Betsy Cohen SPAC

Deliberations are ongoing.
Image: Andrey Rudakov/Bloomberg

Fintech Acquisition Corp. VI, a blank-check company backed by serial dealmaker Betsy Cohen, is in talks to merge with a unit of African telecommunications conglomerate Econet Global, according to people with knowledge of the matter.

The deal would seek to value the unit, Cassava Technologies, at $4 billion or more, one of the people said, asking not to be identified discussing private information. Deliberations are ongoing and may not result in a transaction, the people said.

A representative for Fintech Acquisition declined to comment. Representatives for Econet didn’t immediately respond to requests for comment.

“We continuously review our capital structure and consider all opportunities,” a representative for Cassava said in a statement. “Our primary focus is to continue to strengthen our position as a pan-African technology leader with a clear vision to accelerate Africa’s digital transformation.”

Econet, founded by Zimbabwean billionaire Strive Masiyiwa, announced in November that it had folded its fiber-broadband networks, data centers and other assets into Cassava. Its holdings include telecommunications and data center provider Liquid Intelligent Technologies and Sasai Fintech, a so-called super app, according to that announcement. Super apps are online companies that offer a broad range of services.

Cohen is one of finance’s busiest special purpose acquisition company dealmakers. A financial-services specialist, her SPAC deals include taking public the investment bank Perella Weinberg Partners and online-trading platform eToro Group Ltd.

Fintech Acquisition raised $250 million in its June initial public offering.

© 2021 Bloomberg

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