IHS Holding Limited, a major mobile telecommunications infrastructure provider in Africa, Europe, and the Middle East, has completed the acquisition of Helios Towers Nigeria Limited’s (HTN) 1,211 diversified tower sites throughout Nigeria. HTN and IHS established the mobile telecommunications infrastructure industry in Nigeria in the early 2000s.
Under the terms of the transaction, IHS acquired the entire issued share capital of HTN and now has full operational control of the underlying business. Business will continue as usual for HTN’s towers which will be seamlessly integrated into the IHS network and connected to IHS’s network operating centre which monitors each tower.
The transaction allows for the continued delivery of best-in-class solutions to customers and additional investment in infrastructure upgrades. IHS is committed to maintaining HTN's existing relationship and position with its bondholders and a meeting of bondholders held on 22 April 2016 agreed to waive any redemption rights which may have arisen in respect to the change of control.
While speaking about the acquisition Inder Bajaj, Chief Executive Officer of HTN, said
“IHS has a proven track record in telecoms infrastructure services and is the natural buyer of our business. We strongly believe their deep knowledge and extensive experience in the sector will help to continue the strong level of customer service achieved by HTN.”
IHS believes the benefits of the transaction extend to all stakeholders as there are meaningful synergies that will be derived from the transaction given a considerable part of the IHS portfolio is located in Nigeria. IHS will also work to roll out its renewable energy solutions and diesel reduction initiatives whilst
IHS will work to roll out its renewable energy solutions and diesel reduction initiatives while maintaining unparalleled network uptime.
“The completion of this transaction is significant in that it combines Africa’s two original tower companies and will enable us to strengthen our service offering to our customers while focusing on their needs. We remain committed to the Nigerian tower market and this transaction provides IHS the opportunity to optimise a larger portfolio through innovative green energy solutions and delivery of market leading quality of service.” - Issam Darwish, Executive Vice Chairman & Group Chief Executive Officer of IHS
Over 95% of IHS’s employees are African and IHS employs close to 40,000 people directly and indirectly through its exclusive subcontractors. This acquisition is also expected to create local technical and engineering employment opportunities throughout Africa.