IHS Towers, the Nigerian based mobile infrastructure company, has secured US$522 million of debt and equity, led by new and existing lenders and shareholders.
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, a European based investors, completed an investment into the company earlier in the year and participated in the round.
“IHS will draw significant benefits from its newest shareholder by having direct access to additional financial and intellectual resources,” the group said.
IHS will utilise the proceeds to finance the construction of more than 1,000 build-to-suit (BTS) towers in Nigeria, Côte d’Ivoire and Cameroon, to invest in solar and energy efficiency solutions, and to fund further expansion into new markets.
Issam Darwish, vice chairman and CEO, IHS Towers, said: “We are now uniquely positioned to expand into new markets whilst supporting our current operations in Nigeria, Cameroon and Côte d’Ivoire. 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.”
New debt: US$280 million new debt finance led by the World Bank’s International Finance Corporation (IFC)
New equity: US$100 million from new investors and US$142 million from existing investors
IHS Towers currently has 8,500 towers in its tower portfolio and has built over 3,000 for its clients.
In Q1 2013, IHS signed an agreement with Orange in Cameroon and Côte d’Ivoire to manage over 2,000 sites for a term of 15 years.
This adds to the 1,758 towers that IHS bought from MTN Group in October 2012.