Wendel, the Euronext Paris-listed investment firm, has invested a further $47 million in IHS, the African telecommunication towers business, bringing its total investment in the firm to $475 million.
Wendel made its latest commitment to the firm as part of a “second tranche” capital raising from IHS worth $130 million in total. This was a follow-on to an earlier capital increase last month in which IHS raised $420 million in total, including $152 million from Wendel.
Other investors which backed the capital raising included: Emerging Capital Partners (a pan-African fund manager); the International Finance Corporation (IFC); IFC’s Global Infrastructure Fund; US investment bank Goldman Sachs; and African Infrastructure Investment Managers, the Macquarie Group/Old Mutual Investment Group joint venture.
Wendel said that, following its latest commitment – in which it exercised all of its subscription rights – it remained IHS’s largest shareholder with a stake of more than 35 percent.
IHS is Africa’s largest independent mobile telecommunications infrastructure provider headquartered in Nigeria. Founded in 2001, it provides services across the tower value chain – managed services, deployment and site ownership.
The firm has operations in Nigeria, Cameroon, Côte d’Ivoire, Zambia and Rwanda and manages over 10,500 towers in Africa.