African tower management firm IHS has secured a further US$130 million for expansion across the continent, adding to the US$490 million of debt and equity announced last month.
HumanIPO reported last month IHS had secured a funding round of US$490 million from investors including Goldman Sachs to be used for acquisitions and investment in infrastructure to build the company’s footprint in Africa.
“This is strong validation of the growing strength of the IHS platform throughout its 12-year track record in Africa,” the company said at the time. “IHS will utilise the proceeds of the round to finance acquisitions, help its customers expand coverage and capacity by building new towers and continue investing in alternative energy and green solutions that have a positive impact on the communities throughout Africa.”
The company said it will use the latest funding to “accelerate its plans for expansion into new and existing markets”.