Eaton Towers raises US$350m in equity; announces new investors

African towerco Eaton Towers has raised US$350m in new equity from existing and new shareholders, to fund expansion and acquisitions across the continent.
Eaton’s controlling shareholder Capital Group Private Markets, pan-African private equity fund…

African towerco Eaton Towers has raised US$350m in new equity from existing and new shareholders, to fund expansion and acquisitions across the continent.

Eaton’s controlling shareholder Capital Group Private Markets, pan-African private equity fund DPI, and Eaton Towers management each invested additional equity. They are joined by new shareholders: a consortium led by South African fund manager Ethos Private Equity and Standard Chartered Private Equity.

Moelis acted as advisor to Eaton.

Eaton Towers CEO Terry Rhodes said: “We are very pleased that our existing and new shareholders support the strategy and vision to create a market-leading, independent, pan-African tower company. We are delighted to sign the first purchase and leaseback tower deal in Egypt. Egypt is the second largest mobile market in Africa and we will invest over US$200m to provide world-class shared infrastructure to help the Egyptian operators provide better coverage and data services to their customers.”

“Once the Mobinil deal and the agreements with Bharti Airtel for six countries signed and announced last September are completed, Eaton Towers will be operational in eight countries, representing the most diversified portfolio of shared infrastructure on the African continent.

Eaton Towers will then own and manage over 7,000 towers.