Wendel has announced it will invest US$125m in IHS, giving it a 25% stake in the African towerco.
The European investment group will provide the money through its subsidiary Oranje-Nassau Developpement in order to finance IHS’ recent acquisitions and…
Wendel has announced it will invest US$125m in IHS, giving it a 25% stake in the African towerco.
The European investment group will provide the money through its subsidiary Oranje-Nassau Developpement in order to finance IHS’ recent acquisitions and further development in Nigeria.
As TelecomFinance reported earlier this month, IHS has acquired towers in Cote d’Ivoire and Cameroon from MTN for US$284m. The transaction will make IHS, which currently manages close to 4,000 sites, the largest independent tower company in West Africa. Completion of the transaction is expected during the first quarter of 2013.
“The investment by Wendel will allow IHS to pursue our long-term ambition of becoming the leading player in the industry in Africa and to set a clear benchmark in terms of quality of service,” said Issam Darwish, founder and CEO of IHS.
Frederic Lemoine, chairman of the executive board of Wendel, added: “With this investment, Wendel wishes to increase its exposure to the strong growth of the African continent… Beyond the initial US$125m, Oranje-Nassau Developpement will not hesitate to increase its investments on an as-needed basis, since IHS is a great opportunity of growth and diversification.”
