Millicom receives a 24% stake in leading African towers company, Helios Towers Africa

Millicom and Helios Towers Africa (“HTA”), one of the leading, independent telecommunications towers companies in Africa, this week announced that Millicom will own 24% of shares in HTA on a fully diluted basis following a shareholding reorganization.

As a result of the reorganization, Millicom will exchange shares which were previously held in HTA’s tower companies in Ghana, DRC and Tanzania, into shares in HTA’s parent company.

This transaction will simplify the share ownership structure of HTA, align interest among shareholders and move Millicom’s shareholding to the parent HTA company. The transaction does not change access to commercially sensitive information, which is held exclusively by HTA.

In 2010, HTA acquired, through its different operating companies, a portfolio of 2,450 Millicom-owned towers in Ghana, DRC and Tanzania. At that time, Millicom retained equity stakes in the individual tower companies. These equity positions are now being exchanged for shares in HTA.

HTA recently raised $363 million in new equity from existing and new shareholders to fund acquisitions and new growth in existing markets. The share exchange is being undertaken at the same valuation as the funding round.

Source: Home | Millicom

Recommended