Africa’s largest cell-tower firms target listings
IHS Towers, Helios Towers Africa and Eaton Towers plan share sales in either London or New York, with one secondary listing in Johannesburg
Three of Africa’s largest telecommunication tower companies plan to pursue share sales in either London or New York early in 2018, taking advantage of high industry valuations to fund expansion, according to people familiar with the matter. Closely held IHS Towers, targeting an enterprise value of $10bn, planned to list in New York, said the people, who asked not to be identified as the information was not public. Helios Towers Africa was looking at a valuation of at least $2bn, while Eaton Towers was aiming for about $2bn, the people said. Both would list in London, while Eaton was also considering a secondary listing in Johannesburg, they said. Africa’s phone mast industry is booming as the increasing use of wireless devices leads to a leapfrogging of traditional land-line connections. Mobile subscriptions in sub-Saharan Africa are set to surge 41% to 990-million in five years, according to Ericsson. Tower operators, which also sell power to remote sites in Africa, are looking to ...