IHS Holding (IHS), the mobile telecommunications infrastructure provider, has announced the completion of its acquisition of Helios Towers Nigeria’s (HTN) 1,211 diversified tower sites across Nigeria
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. The transaction was first announced on 10 March 2016 and is described by the companies as the first in-market consolidation in Africa.
The HTN towers will be seamlessly integrated into the IHS network and connected to IHS's network operating centre. The companies have stressed that that business will continue as usual.
“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,” a statement released by IHS said.
The company stressed that it is committed to maintaining HTN's existing relationship and position with its bondholders. A meeting of bondholders held on 22 April 2016 agreed to waive any redemption rights that may have arisen in respect to the change of control.
IHS executive vice chairman and group chief executive officer Issam Darwish said, "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."
