• New shareholder alignment funds the multibillion-rand buildout of a purpose-built 5G-Advanced fixed wireless access (FWA) network.
• Wholesale model enables established ISPs, MVNOs, WISPs and new market entrants to access South Africa’s fastest-growing broadband category.
• Network brings stable, high-speed home connectivity and greater consumer choice to a growing market across the nation, including underserved areas, starting in Gauteng.

Comsol (https://Comsol.co.za/), a South African fixed wireless connectivity and private network operator with a history spanning nearly three decades, is entering the home broadband market as a wholesale provider of 5G infrastructure. The move is backed by two new shareholders: Platform Investment Partners, which has made 10 founder-stage fibre investments across four geographies over the past decade, and Wimsey Capital, a privately held investment company.

The new shareholding follows the exit of Nedbank Private Equity, part of Nedbank CIB, from its investment in Comsol. Convergence Partners, a major shareholder and long-standing investor in the business, together with Solcon Capital, is investing additional growth capital. Founder and CEO Iain Stevenson (through Mactavish Investments) retains his stake and is also investing additional capital into the company. RMB arranged and provided an innovative and holistic funding solution that enabled the shareholder transaction and will support the business in its strategic capex roll-out plan.

The move gives South African internet service providers, mobile virtual network operators (MVNOs) and other potential partners access to a standalone 5G-Advanced* network purpose-built for fixed wireless access (FWA). Comsol owns and operates the network as an end-to-end wholesale product, while its partners control the customer relationship and go-to-market strategy, including branding, commercials and support.

One million households in Gauteng already covered

Comsol started building its network six months ago and already covers more than a million households in Gauteng. The company is targeting full coverage of Gauteng by March 2027. Expansion into the Western Cape, KwaZulu-Natal and major regional centres will follow in 2027 and 2028.

Comsol aims to blanket South Africa with around 2,000 base stations, representing one of the country’s largest standards-based and highest-capacity 5G networks. The network creates a new wholesale option for South African service providers, giving them more network capacity choice through new infrastructure, enhancing the competitive landscape to the benefit of the consumer.

“Comsol anticipates where the market is heading and builds ahead of demand,” said Stevenson. “This is why we were investing in licensed spectrum years before its strategic value was widely understood and building private 5G before the market had grasped what it would enable. We see 5G-Advanced for the home as a big growth opportunity.

“ICASA has allocated spectrum to network providers to expand broadband access and increase competition in the market. We believe the way to honour that mandate is to build wholesale infrastructure that extends high-speed broadband to new customer segments and creates a platform for more competition at the well-established service provider layer.”

Backed by investors with deep experience in telecom infrastructure

Shaun Clark, CEO of Platform Investment Partners, added: “We have spent years investing in the construction of open-access digital infrastructure in South Africa, and were founding investors in assets such as DFA, Conduct, Vumatel and N99. Our approach has always been to identify trends in technology adoption and invest behind them. We see fixed wireless as an important part of the connectivity market. Comsol is a natural fit with our portfolio of digital infrastructure businesses, which are all centred around a neutral host model.”

Richard Ladbrook, Director of Wimsey Capital, said: “We see a significant opportunity in 5G fixed wireless access to bring high-quality connectivity to more South African households. Comsol has a multi-decade track record of successfully building and delivering advanced wireless networks in diverse contexts. We are excited to back the business and partner with the world-class Comsol team as they build and scale this next phase of growth.”

Said Andile Ngcaba, executive chairman of Convergence Partners and chairman of the Comsol board: “Comsol is well positioned as the world transitions from 5G to 6G. The depth of its spectrum and nationwide network presence across all provinces creates a significant opportunity to serve South Africa’s enterprise, private and public sectors. Comsol’s platform is equally relevant to urban and rural markets, and to companies of all sizes.”

For Nedbank Private Equity this exit concludes a successful nine-year investment in Comsol. “We are proud to have supported the company’s growth, network rollout and value creation journey alongside management and our co-shareholders. The transaction positions Comsol strongly for its next phase of growth,” said Yougan Moodley of Nedbank Private Equity.

The commercial case for advanced home 5G

Comsol’s wholesale 5G-Advanced offering complements existing fibre networks, expanding consumer choice and the reach of home connectivity.  Approximately 15% of South African households are connected to fibre, largely concentrated in dense metro areas where trenching costs are justified. This leaves a significant market adjacent to suburban markets where 5G FWA can be deployed quickly and at a substantially lower cost. The 5G-Advanced FWA network deployed by Comsol provides high capacity to support home broadband at scale, enabling entire towns to be covered in weeks.

Regulatory and technology developments in recent years have further strengthened the commercial case for 5G-Advanced FWA home connectivity. Comsol received its C-band spectrum licence from ICASA in 2022, providing investors with the certainty to fund the network rollout. The allocated spectrum supports speed-tiered plans with competitive pricing for consumers. Meanwhile, declining 5G chipset and CPE costs have lowered the upfront cost for consumers and ISPs entering the 5G FWA market. As a new entrant into the 5G wholesale market, Comsol also benefits from a modern 5G-Advanced standalone core, unencumbered by legacy technologies.

These advantages of 5G FWA are expected to drive significant growth over the next five years. ICASA data shows FWA subscriptions growing by roughly 39% year on year in 2025.** BMIT predicts that 5G may account for up to 67% of all residential FWA connections by 2029, up from 35% in 2024.***

Built differently

Comsol’s network is one of only two production 5G standalone cores currently live in South Africa. The network offers a level of ultra-low latency and dedicated capacity control that hybrid 4G/5G deployments cannot match, along with roughly double the uplink performance of typical 5G mobile operator networks.

Comsol’s implementation of 5G-Advanced is IMT-conformant, taking advantage of standards-based technologies that deliver significantly greater capacity at a lower cost per bit. Comsol’s network is purpose-built to deliver high-capacity 5G home connectivity at scale.

Advantages for partners

Comsol operates as a wholesaler and does not compete with its consumer-facing partners. ISPs and other partners retain ownership of their go-to-market strategies, including product commercials, packaging, billing and branding. Comsol’s API-driven platform enables partners to bring a branded 5G-Advanced FWA offering to market in weeks, while retaining a high degree of control over their products and customer engagement.

Comsol has designed the network to enable ISPs to reach new customer segments with connectivity geared towards streaming, video calls and smart-home use that make up the bulk of home broadband needs. Its API-driven architecture gives partners the flexibility to build differentiated packages for different customer segments and implement or adapt products within hours, enabling them to respond quickly to changing market demand.