Liquid Intelligent Technologies has secured close to R10 billion in fresh funding as parent company Cassava Technologies moves to reinforce its capital structure and clarify ownership of its data centre subsidiary. The group has fully repaid its rand term loan and dollar revolving credit facility, although it did not disclose the lenders involved.
The refinancing follows a broader restructuring initiated in December 2024, when Cassava raised $310 million to support operations. That package included $90 million in equity from investors such as the US International Development Finance Corporation, the Finnish Fund for Industrial Cooperation and Google, alongside $220 million in new credit facilities arranged by Standard Bank, Rand Merchant Bank, Nedbank and the International Finance Corporation.
Liquid has now secured an additional $410 million in new credit facilities from a syndicate of commercial and development finance institutions, while Cassava is injecting a further $195 million in capital. Together, the transactions amount to $605 million in fresh funding for the unit, strengthening liquidity and reducing refinancing risk.
Cassava also confirmed that Africa Data Centres remains wholly owned, despite regulatory proceedings relating to a minority stake sale in its South African business. As reported by the Competition Commission of South Africa, the proposed transaction involving Stanlib Fund II concerns a minority shareholding rather than a full acquisition. ADC operates hyperscale and edge facilities across Southern, East and West Africa, positioning it within one of the continent’s fastest-growing infrastructure segments.
The funding drive comes as demand for cloud computing, artificial intelligence workloads and low-latency connectivity accelerates across African markets. According to industry projections published by IDC, Africa’s data centre capacity is expected to expand significantly over the next five years, driven by enterprise digitisation and hyperscale investment.
Liquid intends to issue a new $300 million bond ahead of the September 2026 maturity of its existing $620 million note, reducing leverage and extending its debt profile. Cassava, launched by Econet in 2021 to consolidate digital infrastructure assets, continues to position Liquid as a central platform spanning fibre, data centres, renewable energy, cloud and fintech services across the continent.