MTN Sells Tower Assets in Rwanda and Zambia
Published on: 2nd May 2014
Note -- this news article is more than a year old.
Pan African tower operator, IHS Holding has bought 1,269 network towers from MTN's operations in Rwanda and Zambia representing the entirety of MTN's towers in those two countries.
Financial terms were not disclosed.
IHS's subsidiaries in Rwanda and Zambia acquired ownership and will manage 550 and 719 towers respectively. Under the agreements, IHS will acquire and operate the towers and related passive infrastructure and will invest in a build-to-suit programme to support MTN's future requirements in both countries.
Commenting on the successful completion of the transactions, Group CEO of IHS, Issam Darwish, said: " The IHS footprint now reaches across Africa into the East and we are delighted to be bringing our value proposition to new markets."
In the last two months, IHS has secured additional funding worth US$620 million. The company said that it intends to utilise the proceeds of its recent fundraising to finance future acquisitions in key markets across Africa.