Nigeria-based mobile tower company IHS has received a US$52m investment from Africa-focused private equity firm Emerging Capital Partners (ECP) and South African investment management company Investec.
ECP provided US$32m of the equity for an…
Nigeria-based mobile tower company IHS has received a US$52m investment from Africa-focused private equity firm Emerging Capital Partners (ECP) and South African investment management company Investec.
ECP provided US$32m of the equity for an undisclosed stake.
An ECP PR officer said: “The new funding will be used to continue IHS’ growth trajectory, and further expand the company’s existing presence in Nigeria, Ghana, South Sudan, East Africa and several other countries and regions on the continent.”
IHS plans to open offices in Uganda and Kenya early next year.
“With expanding coverage and capacity needs of leading mobile network operators in the increasingly competitive MNO space, we see tremendous growth potential in Africa’s shared telecommunications infrastructure sector. Tower Companies provide a strong value proposition to their customers allowing them to expand in a more capital efficient manner,” ECP managing director Bryce Fort said.
IHS was founded in 2001. Listed on the Nigerian stock exchange, its main investors are UBC, IFC, FMO, Skye Bank and Investec. It has raised a total of US$250m in equity and debt. In March, it secured a debt and equity package worth a total of US$194m from the IFC to build and acquire mobile towers in sub- Saharan Africa. The company claims MTN, Airtel and Etisalat among its customers.
Neither IHS nor Investec was immediately available for comments.
