More than 1,000 new telecommunications towers are set to be built in Nigeria, the Ivory Coast and Cameroon after IHS Towers raised more than US$522 million in debt and equity.
The announcement is more good news for Africa’s telecommunications industry, after Helios Towers Africa told HumanIPO yesterday they were planning more acquisitions on the continent and were looking to increase their portfolio from the almost 5,000 they already have.
IHS Towers already has 8,500 towers in Africa and its latest funding is supported by US$280 million from the World Bank’s International Finance Corporation (IFC). The remainder has been contributed by investors.
Issam Darwish, chief executive officer of IHS, said: “This new financing round is critical to our aim to increase the portfolio to 20 000 towers under management and will underpin our value creation strategy in the years to come.”
The latest funding has taken the past 12 months total to more than US$1 billion.
Darwish added: “Raising over US$1 billion in 12 months is a clear sign of a strong business model and a vote of confidence from new and existing shareholders in the future growth of mobile telecoms in Africa.”
