Nigerian telecoms infrastructure company IHS Africa PLC has secured a debt and equity package worth a total of US$194m to build and acquire mobile towers in sub-Saharan Africa.
The IFC, the private sector arm of the World Bank, Investec Asset Management…
Nigerian telecoms infrastructure company IHS Africa PLC has secured a debt and equity package worth a total of US$194m to build and acquire mobile towers in sub-Saharan Africa.
The IFC, the private sector arm of the World Bank, Investec Asset Management and FMO will provide US$79m (N11.9bn) in equity. IHS will also receive up to US$115m worth of IFC-led senior debt, mezzanine debt and syndicated loans.
IHS executive director Issam Darwish said: “IHS is dedicated to partnering with operators and investors across the African continent. IFC, Investec and FMO are all investors that understand the unique needs of the growing telecoms sector and the changing competitive landscape.”
In a release IFC said: “By owning and operating the communications towers, IHS can increase the efficiency and quality of existing networks while helping operators accelerate network expansion into rural areas. IHS is currently working with many of the region’s leading operators to upgrade existing tower sites and facilitate the roll-out of new technologies, including 3G and WiMax.”
Headquarted in Nigeria, IHS manages some 2,700 towers in Africa. It employs 800 people. The company has subsidiaries in three countries: Infratech Ghana, PCT Sudan and IHS Tanzania. It is listed on the Nigerian stock exchange.