Citigroup Subsidiary Invests in SkyVision
A Citigroup subsidiary has invested $25 million for a 23 percent equity stake in communications services provider SkyVision Holdings Ltd. of Israel and Britain, which has leased capacity on multiple satellites to provide links to telecommunications companies and corporate networks in Africa, Citigroup and SkyVision announced.
Citigroup Venture Capital International Africa Fund L.P., a private-equity fund, made the investment as part of its broader strategy of backing companies that are successful in Africa’s growing telecommunications market.
SkyVision said it has been increasing revenue by some 50 percent per year and expects to surpass $80 million in 2009. The company said it has coverage, through satellite or cable leases, in 120 nations and currently operates in 50 nations.