HTA bought towers from the emerging markets-focused telco in Ghana, the Democratic Republic of the Congo and Tanzania in 2010.
As part of those transactions, Millicom retained minority stakes in the tower entities in each of those countries. It has now exchanged those shares for stock in parent HTA.
“This transaction will simplify the share ownership structure of HTA, align interest among shareholders and move Millicom’s shareholding to the parent HTA company,” Millicom said in a statement.
HTA acquired a total 2,450 towers from Millicom in 2010. At the time, it was announced that HTA bought 1020 towers in Tanzania for at least US$80m, 729 towers in the DRC for around US$45m in cash, and 750 towers in Ghana for an undisclosed amount.
HTA said it recently raised US$363 million in new equity from existing and new shareholders to fund acquisitions and new growth in current markets. Millicom’s share exchange is being undertaken at the same valuation as the funding round.
The towerco currently owns and operates around 5,000 towers in Ghana, Tanzania, the Democratic Republic of Congo and the Republic of Congo.
Founded in 2009, HTA’s investors include Helios Investment Partners, Albright Capital Management, RIT Capital Partners, Quantum Strategic Partners and the International Finance Corporation.