European investment firm Wendel and its subsidiary Oranje-Nassau Developpement have announced the signing of an agreement with IHS Holding to acquire an equity stake in the tower company. Wendel will participate in a capital increase of IHS to support its pan-African growth strategy; earlier this month, the Nigeria-based tower firm announced the acquisition of 1,758 telecom towers in Cote d’Ivoire and Cameroon from MTN Group, increasing its sites under management to 5,700, of which approximately 3,000 are directly owned. Wendel will invest USD125 million in IHS, alongside the firm’s current shareholders, which include leading development financial institutions and top tier private equity firms in Africa. Following the completion of the transaction, Wendel will become the largest shareholder of IHS Holding with a stake of over 25%. ‘The investment by Wendel will allow IHS to pursue our long-term ambition of becoming the leading player in the industry in Africa and to set a clear benchmark in terms of quality of service,’ noted Issam Darwish, founder and CEO of IHS, adding: ‘Having a shareholder such as Wendel, with the depth of knowledge and track record, invest in our company is a real statement of intent. They believe in us, in our vision and our growth plans and we look forward to working alongside them to ensure IHS achieves its long term business objectives.’
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