IHS Tower Raises N82.5billion To Fund Growth
LAGOS – Nigerian based mobile infrastructure company, IHS Tower, has secured N82.5billion (US$522 million) of debt and equity, led by new and existing lenders and shareholders to expand its mobile infrastructure business..
The combined transaction brings the total financing raised by IHS Towers to over US$1 billion over the past 12 months, it said.
The group said it secured a first time investor from Asia, while Wendel, an European based investors, completed an investment into the company earlier in the year and participated in the round.
IHS raised N44.8billion ($280 million) in debt from the World Bank’s private sector arm, International Finance Corp, and N37.7 billion ($242 million) in equity from new and existing shareholders, including an Asian Sovereign wealth fund, the company said in a statement.
The company said it will utilize the proceeds to finance the construction of more than 1,000 towers in Nigeria, Côte d’Ivoire and Cameroon, to invest in solar and energy efficiency solutions and to fund further expand into new markets.
Investors in IHS include South Africa’s Investec Asset Management, private equity firm Emerging Capital Partners, Dutch Development Bank, Wendel and Nigerian banks such as Skye Bank .