Vodacom's $800M Maziv fibre merger flips CIVH to R319M profit

What's the deal? Community Investment Ventures Holdings (CIVH)Dealroom has a profile for this one. Try Dealroom →, RemgroDealroom has a profile for this one. Try Dealroom →'s telecom infrastructure unit, swung to a R319m contribution to group headline earnings after VodacomDealroom has a profile for this one. Try Dealroom → completed its R13bn (about $800 million) merger with Remgro's fibre business MazivDealroom has a profile for this one. Try Dealroom →. That compares with a R93m loss in the prior period.

Why now? Vodacom closed the merger by the end of 2025, after a four-year battle. CIVH also completed its takeover of fixed internet provider HerotelDealroom has a profile for this one. Try Dealroom → during the year, having first bought a 45% stake through VumatelDealroom has a profile for this one. Try Dealroom → in February 2022.

What's the endgame? Now trading as Maziv, the unit brings together Vumatel — South Africa's largest fibre-to-the-home operator — Dark Fibre Africa (DFA)Dealroom has a profile for this one. Try Dealroom →, Herotel, SADV, Rise TelecomsDealroom has a profile for this one. Try Dealroom →, and BritelinkMCT. Remgro owns 57% of CIVH, with Harith General PartnersDealroom has a profile for this one. Try Dealroom → holding 38% and other investors the balance.

By the numbers: CIVH's revenue for the 12 months ended in March rose 13.8% to R7.689bn. Vumatel's revenue grew 15.3% to R4.43bn and operating profit jumped 57% to R2.157bn; DFA's income rose 8.9% to R3bn and operating profit 10.1% to R1.243bn.

Remgro cautioned that CIVH's results are not "directly comparable with those of the prior year due to the significant [Maziv] transaction." The group received pre-implementation dividends from CIVH of R3.055bn on completing the Vodacom and Herotel deals.

The other winner: Undersea cable provider SeacomDealroom has a profile for this one. Try Dealroom → also lifted its contribution to group headline earnings to R71m, up from R12m. Remgro classifies it under "other infrastructure" due to its "relatively small size."

The signal: The merger consolidates South Africa's fragmented fibre market under one operator, with Vumatel described as CIVH's "primary growth engine" and DFA providing a "stable, cash-generative infrastructure base." Rising subscriber numbers and demand for fibre-to-the-business products point to sustained appetite for connectivity across the country.

Image credit: Savannah River Site