April 30, 2014: ECP’s Africa Fund III portfolio company, IHS Holding Limited (IHS), has achieved another milestone in its expansion plans with the securement of an additional US$550m of equity to date in 2014, thereby extending its lead as Africa’s largest independent telecommunications infrastructure company.
Following a two stage closing process, IHS has secured a total US$550m of new investment from existing and new investors. ECP Africa Fund III retains the second largest shareholding in IHS, contributing circa 25% of this latest fundraising round in conjunction with its co-investors.
This funding round brings the total amount of capital raised by IHS to more than US$1.5 billion over the last 12 months, a strong validation of the growing strength of the IHS platform throughout its 13-year track record in Africa.
IHS will utilise the proceeds of the round to finance acquisitions, help its customers expand coverage and capacity by building new towers, and continue investing in alternative energy solutions that have a positive impact on communities throughout Africa.
At the end of last year, IHS signed agreements with MTN in Zambia and Rwanda to acquire over 1,200 sites in Zambia and Rwanda. The company now owns and manages over 10,500 towers and has built over 3,500 for its clients across Nigeria, Cameroon and Côte d’Ivoire, making it Africa’s largest independent mobile infrastructure provider by number of towers managed.
View the complete press release here.