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
MTN Group Sustainability Report releasedMTN Group’s efforts to advance social development in its markets through the integration of sustainable business practices into day-to-day activities, is yielding positive outcomes, the company’s Sustainability Report shows. Read More
Senegal seeking ICT investment opportunities in MauritaniaMauritania, an impoverished nation in West Africa, is a largely untapped ICT market, according to many Senegalese industry players. A group of ICT companies from Senegal recently visited Mauritania to find out if this statement is indeed true. Read More
Schneider Electric releases the first survey on counterfeit electrical products in AfricaCounterfeiting of most common electrical products is widely spread in all African countries, representing 40% to 80% of their markets, says a new survey. Read More
MTN Business launches services that will host SMEs securely on its domainMTN Business has launched Bring Your Business Online, a platform that gives small and medium-sized businesses (SME) increased visibility by providing online presence on the MTN managed domain for less than R20 a month. Read More
Job fears in Senegal as Tigo outsources network managementPeople working for Tigo Senegal are worried about their jobs after the mobile operator signed an agreement that handed over the management of its network to the Swedish telecom giant Ericsson. Read More
JUMIA Côte d’Ivoire expands its operationsJUMIA has opened six new hubs in Cote d’Ivoire in the cities of Yamoussoukro, Bouaké, San Pedro, Daloa, Gagnoa, and Korogho. Read More
US firm Actifio drives into African marketsUS based company Actifio, which specialises in copy data virtualisation, has revealed its plans for the expansion of its footprint in the African markets. Read More
Richard Edet appointed Country Senior Officer for Alcatel-Lucent NigeriaAlcatel-Lucent has announced the appointment of Richard Edet, effective today, as Country Senior Officer and managing director for Nigeria. Read More
Africans to surge up the ranks of ultra-high-net-worth individualsThe number of ultra-high net worth individuals – those with at least $30 million in assets – in Africa will increase by a staggering 59% over the next 10 years, stronger than the 34% projected global growth. Read More
FEATURED STORY2bn priced out of internet access
A new report from the Alliance for Affordable Internet shows that the price of broadband remains prohibitive for billions in developing and emerging countries, with women and rural dwellers hardest hit.
BEST READ NEWS
IN DEPTHVillagers get solar training at Barefoot College
The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.
COMPANY NEWSMTN Group Sustainability Report released
MTN Group’s efforts to advance social development in its markets through the integration of sustainable business practices into day-to-day activities, is yielding positive outcomes, the company’s Sustainability ...