Helios Towers plans to use about US$450-million (R7.7-billion) in newly raised funds to expand into African countries including Ethiopia, reviving an expansion plan that was put on hold by the Covid-19 pandemic.
As many as 10 000 new towers are expected to be needed over the next five years to support the expansion, Helios chief financial officer Tom Greenwood said in a phone interview.
We saw a window on Monday, and instead of booking flights and seeing people face to face, we were just on phone calls
The Africa-focused tower company raised about $1-billion from debt markets this week, Greenwood said, building on a successful initial public offering in London last year.
Helios is among a trio of firms, including American Tower Corp and closely-held IHS Holdings, seeking to take advantage of cheaper and faster Internet speeds to boost their African presence.
Immediate focus
While Ethiopia is the immediate focus, Helios is also looking for opportunities in nine other African countries including Morocco, Egypt and Madagascar.
