iWay Africa Acquires Afsat

iWay Africa, a South African internet company and subsidiary of fixed-line incumbent Telkom SA, has completed the acquisition of Ugandan ISP Afsat Communications for an undisclosed amount, according to local newspaper Daily Monitor. Uganda's internet market is grossly underserved with internet and broadband penetration of about 11% and 0.1% respectively at the end of 2010, according to BMI data. We believe this is the major attraction for iWay, which is keen to report a profit in 2012 amid growing competition from wireless internet providers and submarine cable companies.

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