TowerXchange’s analysis of IHS’s acquisition of HTN Towers’ 1,211 towers
An in depth analysis of IHS’s pioneering first African towerco consolidation
On 10 March 2016 IHS, Africa’s largest towerco, announced the acquisition of HTN Tower’s portfolio of 1,211 sites in Nigeria in a landmark deal signifying the first in-market consolidation in the African towerco segment. When closed, the transaction would take IHS’s tower count in Nigeria to 15,722 towers, 53.9% of the country’s 29,190 total (figure one). In addition, HTN’s managed services and co-location marketing agreement concerning SWAP Telecoms & Technologies 702 towers will be transferred to IHS following completion of the transaction (expected in Q2’16) rendering further Nigerian towers under their control.
What do we know about the valuation and deal structure?
Under the terms of the transaction, IHS will acquire HTN’s entire issued share capital from investors Helios Investment Partners, Pembani Group, First City Monument Bank and other minority shareholders.