Mobile telecommunications infrastructure provider, IHS Holding has raised US$2.6 billion from existing and new shareholders putting its total raise to $4.5 billion making it Africa’s most funded company.
Today’s raise valued at equity of US$2 billion and a loan facility of US$600 million will help the firm retain its leading market positions across Africa in Nigeria, Cameroon, the Ivory Coast, Zambia and Rwanda. IHS will use the cash on tower acquisitions, build new sites, roll out efficient power technologies and operational management solutions including solar systems and high efficiency generator units among others.
In a statement, Issam Darwish, Executive Vice Chairman/CEO of IHS, said:”The contribution of our investors significantly strengthens our position and the ability to move into the next phase of growth and development with confidence. We are clear in our ambition to play a leading role in the creation of the widest, most efficient and reliable mobile networks in Africa. The social and economic benefits to the local economies where we operate are significant.”
In May, IHS Holdings completed the acquisition of MTN Group’s 1200 towers in Rwanda and Zambia representing 100% of MTN’s towers in the two countries. In September, the firm agreed to buy 9,151 Nigerian towers from MTN Group according to a report from Bloomberg. Bloomberg adds that the firm in August agreed to buy 2,000 towers from Etisalat Nigeria.
With the raise, the firm will have more acquisitions and invest more into physical sites.