IHS secures US$490m to fund African expansion
BUSINESS| March 3, 2014, 9:51 a.m.
IHS Holding Ltd., Africa’s largest independent telecommunications infrastructure company by number of towers managed, has secured US$490 million of equity and debt in its latest financing round. The round expanded IHS’ base of leading institutional shareholders and was priced at a premium to IHS’ July 2013 funding. This is strong validation of the growing strength of the IHS platform throughout its 12-year track record in Africa. Solid support from existing investors was combined with strong participation from Goldman Sachs, the IFC Global Infrastructure Fund and African Infrastructure Investment Managers.
This funding round brings the total amount of capital raised by IHS to more than $1.5 billion over the last 12 months.
IHS will utilise the proceeds of the round to finance acquisitions, help its customers expand coverage and capacity by building new towers and continue investing in alternative energy and green solutions that have a positive impact on the communities throughout Africa.
Issam Darwish, Vice Chairman and Chief Executive Officer, IHS, said: “This important milestone confirms the broadening investor interest in the African telecommunications infrastructure space generally, and in IHS, in particular. We are excited to welcome our new investors to the IHS family and look forward to expanding support to our customers and partners throughout the continent. This funding will allow us to continue investing in technology, coverage and capacity new build sites, and the growing human resource component that will help IHS continue providing a quality service and product to an expanding customer base in Africa.”
IHS Towers currently owns and manages over 10,500 towers and has built over 3,500 for its clients across Nigeria, Cameroon and Côte d’Ivoire, making it Africa’s largest independent mobile infrastructure provider by number of towers managed. In Q4 2013, IHS signed agreements with MTN in Zambia and Rwanda to acquire over 1,200 sites in Zambia and Rwanda.
MORE BUSINESS NEWS
Gaborone to host inaugural Botswana Seedstars challengeSeedstars World, the global seed-stage startup competition for emerging markets and fast-growing startups, is coming to Botswana for the first time this week. Read More
Nigeria needs $25b investment in broadband, says WoodTelecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria. Read More
Networks Unlimited partners with ProLabsSouth Africa's leading value-added distributor, Networks Unlimited, has announced that it has become a distribution partner of ProLabs, the leading global independent provider of network infrastructure and connectivity products. Read More
British Airways, Safaricom launch SME initiativeBritish Airways and Safaricom have partnered to launch an initiative that will provide international exposure for five business owners in Kenya's Small and Medium Enterprise (SME) sector. Read More
MTN Botswana to widen its servicesMTN Business Botswana has reaffirmed its commitment to use its extensive capabilities in the telecommunications sector to provide relevant, quality and affordable ICT solutions to local businesses. Read More
Yet another date for BTCL IPOBotswana's Minister of Transport and Communications says the long awaited Botswana Telecommunications Corporation Limited (BTCL) Initial Public Offering (IPO) will be settled before the end of this year. Read More
NCC gives MTN fresh window to pay N1.4tr fineThe Nigerian Communications Commission (NCC) has opened a new window to MTN Nigeria for the payment of N1.4 trillion fine imposed on the telco. Read More
MTN Nigerian fine deadline extendedThe deadline for the payment of the $5.2 billion fine imposed on MTN in Nigeria has been extended until negotiations between MTN and the NCC have been concluded. Read More
Vodacom, Tracker SA unveil fleet solution in NigeriaVodacom Business Nigeria and Tracker South Africa have unveiled their Fleet Management solution in Nigeria. Read More
Innovative payment solutions a hot topic in SSA: studyThe first shopping and retail social listening study, released by MasterCard, reveals consumer trends in three sub-Saharan African markets. Read More
FEATURED STORYeCommerce in Africa urged to take advantage of mobile
The Executive Chairman of Alltel has urged operators of eCommerce in Ghana and Africa as a whole to take advantage of the current trend for Africans to trade online via their mobile handsets.
BEST READ NEWS
IN DEPTHNigeria needs $25b investment in broadband, says Wood
Telecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria.