JOHANNESBURG, 24 August 2026. The transaction introduces equity capital and additional leverage to strengthen the companies and quadruple the annual fibre rollout to 360,000 connected homes.
The new growth capital will materially accelerate the physical expansion of high-speed fibre to previously underserved and lower-income township communities. The capital injection will enable Frogfoot to increase its pace of home connections fourfold to 360,000 homes per annum over the next 12 months, creating over 5000 direct jobs in local communities.
The transaction implies a combined after-debt equity value of R8.4 billion for the companies and supports the ongoing participation of leadership in both companies. The transaction includes a subscription for new shares in both Frogfoot and Vox (including its wholly owned subsidiary Hypa) by multiple incoming investors, who add both strategic and economic value to the companies.
The largest shareholder grouping is the DNI Consortium, which comprises DNI 4PL Contracts (“DNI”), JSE-listed Sabvest Capital Limited (Sabcap), Masimong Group Holdings (“Masimong”) and Draper Gain International.
The second major shareholder grouping consists of two partnerships managed by the general partners of Metier Capital Growth Fund III. EM-Three Investment Holdings (“EM3”), is the third largest direct shareholder and is a private investment company founded by Simphiwe Mehlomakulu.
The transaction incorporates direct management equity participation, further aligning executive leadership with long-term shareholder value. No single shareholder controls Frogfoot or Vox at present, and no shareholder will hold a controlling interest post-implementation.
“This capital raise is designed for societal impact at scale,” says Abraham van der Merwe, who will lead the companies as Chief Executive Officer alongside Gert Koen as Chief Financial Officer.
“Every additional home we reach in a township or lower-income community represents another family gaining access to the digital opportunities made possible by fibre. Closing the digital divide is critical because it enhances access to education, financial inclusion, remote work, and local micro-enterprises. The additional capital raised strengthens the companies materially and allows us to significantly step up our rollout velocity,” says van der Merwe.
The companies operate across three distinct, highly complementary pillars:
- Frogfoot Networks: South Africa’s fourth-largest fibre network operator (FNO), delivering FTTH, FTTB, and FTTT infrastructure established over 25 years ago.
- Vox: A national internet service provider serving businesses, public-sector customers, and households across South Africa with fixed and wireless connectivity, voice, data, cloud, collaboration, and cybersecurity services.
- Hypa Fibre: A dedicated broadband provider delivering prepaid fibre products to lower-income households across the Vuma Reach, Openserve, and Frogfoot Rise networks.
RMB, the Corporate and Investment Banking division of FirstRand, served as Financial and Transaction advisor and funder to the companies.
Dr. Ryan Noach, Group CEO of DNI, noted, “DNI, Frogfoot and Vox share a conviction that affordable, high-speed internet access is a social imperative. DNI’s philosophy is to partner with and support world-class founders and managers. By bringing complementary experience in the telecommunications sector alongside high-quality financial partners, we are empowering an experienced management team to accelerate digital inclusion across South Africa.”
“Metier is proud to renew its commitment to Frogfoot and Vox, having witnessed their remarkable evolution over the last twenty years. We look forward to reinvesting alongside the high-calibre leadership team and are eager to collaborate with our new partners to leverage their unique operational synergies. This collective effort will empower the companies to expand further across South Africa’s underserved regions with an impact that will be felt in the everyday lives of those communities.” confirmed Grant Howarth, Principal at Metier
“Frogfoot, Vox and Hypa have built strong, resilient businesses that play an important role in expanding digital access across South Africa. This transaction brings together high-quality investors who share a long-term vision for the Group and provides the capital required to accelerate growth significantly. We are particularly excited about the opportunity to deepen connectivity in underserved communities, creating meaningful economic and social impact while delivering sustainable value for all stakeholders,” said Simphiwe Mehlomakulu, Founder of EM3.