Africa's IHS Towers Secures $522 Million for Expansion
African tower network operator, IHS Towers say that it has raised US$522 million in fresh debt and equity, led by new and existing lenders and shareholders.
The combined transaction, which represents one of the largest capital expansion initiatives in Africa during the last 12 months, brings the total financing raised by IHS Towers to over US$1 billion.
IHS said that it will utilise the proceeds to finance the construction of more than 1,000 build-to-suit (BTS) towers in Nigeria, Côte d'Ivoire and Cameroon, to invest in solar and energy efficiency solutions, and to fund further expansion into new markets.
Issam Darwish, Vice Chairman and Chief Executive Officer, IHS Towers, said: "We welcome our newest shareholder and we are proud to have their vote of confidence in the IHS vision and management. We are also very excited that our existing shareholders have further increased their investments in the company."
The company did not name the new shareholder other than to say it was an Asian sovereign wealth fund.
IHS Towers currently has 8,500 towers in its tower portfolio and has built over 3,000 for its clients, making it Africa's largest independent mobile infrastructure provider.