Helios Towers, one of the largest sub-Saharan telecommunications tower operators, plans an initial public offering in early April, to allow shareholders such as Soros Fund Management LLC to reduce their stakes.<\/p>\n
Helios Towers plans to list its shares in London and Johannesburg, the company said in a statement Friday.<\/p>\n
It said it expects that at least 25% of its shares will be freely traded after the sale, and it\u2019s not selling any new stock.<\/p>\n
Bloomberg in November reported that Helios was seeking a valuation of at least $2 billion. The company is now looking to be valued at about 2 billion pounds ($2.8 billion) including debt, according to a person familiar with the matter, who asked not to be identified as the considerations are private.<\/p>\n
Africa\u2019s phone-mast industry is booming as rising wireless device use leads to a leapfrogging of traditional land-line connections. Mobile subscriptions in sub-Saharan Africa are set to surge 41% to 990 million in five years, according to Ericsson AB.<\/p>\n
Two of Africa\u2019s other tower operators, Eaton Towers Ltd. and IHS Towers, are also seeking initial public offerings in 2018, people familiar with the matter said in November.<\/p>\n
BofA Merrill Lynch, Credit Suisse and Standard Bank are joint coordinators and bookrunners for the sale, while Jefferies International Ltd. is also a bookrunner.<\/p>\n