Cassava Technologies’ decision to sell a minority stake in one of its crown jewels, Africa Data Centres (ADC), to STANLIB Infrastructure Investments is fundamentally a liquidity play aimed at easing pressure on Liquid Intelligent Technologies, its fibre and connectivity arm.
The transaction comes as the pan-African digital infrastructure group founded by telecom billionaire Strive Masiyiwa navigates significant refinancing demands.
It was estimated that the group carries about $620 million in senior secured notes alongside roughly $131 million in additional obligations, bringing near-term maturities close to $751 million.
While Africa Data Centres has emerged as one of Cassava’s most valuable and fastest-growing businesses, Liquid remains the group’s most capital-intensive unit and the focal point of balance-sheet stress.
How STANLIB fits the strategy
By introducing STANLIB as a long-term infrastructure partner, Cassava is monetising part of ADC’s rising valuation without relinquishing strategic control. The proceeds are expected to support debt reduction at Liquid, easing cash-flow pressure and improving refinancing flexibility at a time when lender commitments have been cautious and protracted.
Africa Data Centres as value lever
The structure of the deal is notable. Instead of selling core telecom assets or issuing equity at subdued valuations, Cassava is leveraging Africa Data Centres’ appeal as a scarce, high-quality digital infrastructure platform.
ADC operates seven data centres across Africa and serves more than 400 enterprise and hyperscale customers, positioning it at the intersection of cloud expansion and AI-ready infrastructure, an asset class increasingly favoured by institutional investors such as STANLIB.
What the deal signals ahead
The transaction also aligns with Cassava’s broader effort to separate and unlock value within the group. With Econet Wireless Zimbabwe preparing to delist, public disclosures will narrow, making internal liquidity sources more critical.
Alongside a rights offer, the ADC stake sale provides a pragmatic route to raise capital without destabilising operating subsidiaries.
Ultimately, the STANLIB deal buys Cassava time. It offers a path to stabilise Liquid’s balance sheet while preserving long-term exposure to Africa’s rapidly expanding data-centre market.
