Sabvest Capital is putting R754 million($47.07 million) into South Africa’s fibre broadband market as the investment group moves to acquire an 8.97% stake in Frogfoot and Vox.

The deal gives Sabvest exposure to two businesses with established positions in South Africa’s fast-growing internet and telecommunications market. Frogfoot operates fibre infrastructure, while Vox provides internet and other communications services to households and businesses.

The investment comes as fibre providers look to extend their networks to more South Africans, including customers in lower-income communities. Sabvest said the new capital would help strengthen the businesses and support their expansion plans.

The transaction values Frogfoot and Vox at a combined enterprise value of R14.4 billion($899.31 million). After accounting for debt, the companies have an implied combined equity value of R8.4 billion($524.59 million).

Sabvest backs fibre expansion

Sabvest said the investment would provide Frogfoot and Vox with additional capital while bringing in experienced financial investors. It also expects to work with the existing management teams as the businesses pursue new opportunities.

The group pointed specifically to the lower-LSM market, where it sees room to expand fibre services. Frogfoot is South Africa’s fourth-largest fibre network operator, while Vox serves both residential and business customers nationwide.

Frogfoot and Vox face financial pressure

The investment comes despite recent losses at the two companies. As of Aug. 31, 2025, Frogfoot and Vox reported a combined net loss after tax of R256 million($15.98 million) and a negative net asset value of R665 million($41.52 million).

Sabvest said the fresh funding would materially strengthen the companies and help speed up their expansion.

The boards of both Frogfoot and Vox have approved the transaction, and the relevant agreements have been signed.

Sabvest Capital is a South African investment holding company listed on the Johannesburg Stock Exchange.

It invests in listed and unlisted businesses, with a focus on industrial and service companies, often alongside management, families and financial partners.

Sabvest’s investment is scheduled to take effect on Oct. 1, 2026, provided the relevant agreements are completed by Sept. 24. The transaction adds to the company’s investments in South Africa’s private business and infrastructure sectors.