IHS raises a further $522m equity
Africa-focused mobile infrastructure operator IHS Towers on Wednesday said it had raised a further $522-million of debt and equity to finance its expansion ambitions.
The Nigeria-based group aimed to build more than 1 000 build-to-suit towers in Nigeria, Côte d’Ivoire and Cameroon, as well as invest in solar and energy efficiency solutions.
IHS would also use the funds to expand into new markets.
“Over the last two years, we have tripled our towers under management across Africa to 8 500. 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,” said IHS vice-chairperson and CEO Issam Darwish.
About $280-million of the new debt finance was secured from the World Bank’s International Finance Corporation, $100-million was generated from new investors, including one of Asia’s premier sovereign wealth funds, and existing investors contributed $142-million.
Darwish commented that the latest raising brought the total financing raised by IHS Towers over the past year to more than $1-billion.
“Raising over $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,” he concluded.
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