Africa Cell Tower Company Raises $1B in Funding

IHS Towers, Africa’s largest independent mobile infrastructure company, has secured $522 million of debt and equity, led by new and existing lenders and shareholders.

Issam Darwish
CEO Issam Darwish

The combined transaction, which represents one of the largest capital expansion initiatives in Africa during thelast 12 months, brings the total financing raised by IHS Towers to more than $1 billion.

IHS will use the proceeds to finance the construction of more than 1,000 build-to-suit
towers in Nigeria, Côte d’Ivoire and Cameroon, to invest in solar and energy efficiency solutions, and to fund further expansion into new markets.

One of Asia’s premier sovereign wealth funds joined this round of financing, which marks the second time this year that an international fund has made its first investment into Africa
through IHS. The other first-time African investor, Wendel, one of Europe’s leading investors,
completed an investment into the company earlier in the year and participated in the round.

IHS will draw significant benefits from its newest shareholder by having direct access to additional financial and intellectual resources. The partnership will further support IHS’ success in Africa while continuing to provide a strong investment platform for new and existing investors, that also reconfirmed their support in IHS by participating in the round.

Issam Darwish, vice chairman and chief executive officer of IHS, said raising over $1 billion in 12 months is a clear sign of a strong business model and a vote of confidence from new and existing shareholders in the future growth of mobile telecoms in Africa.

Darwish said IHS, in the last two years, has tripled its towers under management across Africa to 8,500. “This new financing round is critical to our aim to increase the portfolio to 20,000 towers under management, and will underpin our value creation strategy in the years to come, he said.

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