Global Alternative Asset Manager The Carlyle Group has announced that it has agreed to acquire a majority share of CMC Networks, a Pan-African provider of managed connectivity solutions for global telecoms providers.

In an announcement issued to the media Investec Equity Partners, who was represented by Richard Tunstall on CMC's board, stated its intention to sell its stake in the company, and the founder and management team will invest alongside Carlyle.

The transaction is expected to close in the first quarter of 2017, subject to regulatory approval and other conditions. Further terms were not disclosed.

Founded in 1989 and headquartered in Johannesburg, South Africa, and Mauritius, CMC has a network and office footprint spanning 50 countries in Africa, as well as an extensive Middle Eastern network and key connection points across the globe.

Grant Walker, founder and CEO of CMC, said: "The investment by Carlyle will support our plans to accelerate CMC's growth and allow us to leverage the benefits of our new partnership. Carlyle's global presence, extensive portfolio and specialist expertise in this sector will bring additional benefits in all areas of our targeted and strategic expansion plans."

Eric Kump, Managing Director and Co-Head of Carlyle's Sub-Saharan Africa Fund said, "We are excited about our partnership with CMC and its talented management team. We believe the fast growing data demand in Africa and the Middle East offers tremendous growth opportunities for CMC, and we look forward to using our sector expertise and global network to help them achieve their goals."

Braam Verster, a Director of the Carlyle Sub-Saharan Africa Fund, commented: "CMC manages the largest virtual network in Africa and the Middle East and maintains world class reliability and latency standards on the connections they manage. This, alongside our investment and support, will help facilitate expansion into emerging markets and new service areas."

This will be the seventh investment, and the second this year by Carlyle's dedicated Sub-Saharan Africa Fund, the company states.