Africa telecoms firm Eaton Towers raises $350M to fund expansion across continent

African telecoms company Eaton Towers has raised a $350m war chest to fund expansion across the continent.

Eaton, which builds and operates masts for mobile phone networks, has also signed a deal with Mobinil in Egypt, an arm of Orange, to buy 2,000 towers.

The company installs telecom networks and persuades rival mobile phone operators to share the same tower, thereby cutting costs.

Chief executive Terry Rhodes said: “Sharing masts is good for everybody.”

Investors in the latest round of financing for Eaton Towers include Capital Group Private Markets, the firm’s controlling shareholder, plus a consortium led by Ethos Private Equity, a leading South African fund manager, and Standard Chartered Private Equity.

Read more: Africa telecoms firm Eaton Towers plans $350m expansion – BBC News.