Three African towercos mandate banks for London IPOs in 2018
By: TMT Finance
HTA has appointed Standard Bank, Credit Suisse and Bank of America Merrill Lynch as joint global coordinators;
"The prospect of an IPO in the Africa towers market has been well flagged for some time, but it will be fascinating to see how this plays out with all three major African towercos now essentially in a race to the stock exchange, and all roughly neck and neck in terms of timing," Joseph d'Arrast, EMEA Editor, TMT Finance, said. "The rush appears to be a reflection of record highs in stock market indexes, and a state of maturity in the sector. Sources have played down the first-mover advantage, but there obviously will be some advantage to list first," d'Arrast added.
Terry Rhodes, Co-founder & Director, Eaton Towers, and Chuck Green, Executive Chairman & Co-Founder, Helios Towers Africa, are among the key speakers announced for TMT Finance World Congress 2017 (http://www.tmtfinance.com/
Eaton Towers is majority owned by Capital Group Private Markets and minority shareholders include Development Partners International, Ethos Private Equity and Standard Charted Private Equity (SCPE). Eaton owns over 5,000 towers in Ghana, Uganda, Kenya, South Africa, Burkina Faso and two other countries.
HTA owns around 6,500 towers in four markets: Tanzania, Democratic Republic of Congo, Congo Brazzaville and Ghana. Investors include: Helios Investment Partners, Quantum Strategic Partners, Albright Capital Management, RIT Capital Partners, the International Finance Corporation and Millicom International Cellular.
IHS has raised a total of US$5.5bn debt and equity to date and now claims to operate 23,300 towers, following a series of acquisitions which included buying towers from MTN Nigeria and EMTS (Etisalat Nigeria) in 2016, and more recently Zain in Kuwait, with an agreement in Saudi Arabia expected to follow. IHS also acquired Helios Towers Nigeria in 2016 and carried out a bond issuance of US$800m. It has presence in Cameroon, Côte d'Ivoire, Nigeria, Rwanda and Zambia. The towerco is backed by investors including AIIM, ECP and Goldman Sachs.
TMT Finance (http://www.tmtfinance.com/