Millicom gains 24% stake in Helios Towers Africa
Millicom is to own 24% of shares in Helios Towers Africa (HTA) following a reorganisation of various shareholdings.
Millicom will exchange shares which were previously held in HTA’s tower companies in Ghana, Democratic Republic of Congo and Tanzania, into shares in HTA’s parent company.
"This transaction will simplify the share ownership structure of HTA, align interest among shareholders and move Millicom's shareholding to the parent HTA company," said Millicom.
"The transaction does not change access to commercially sensitive information, which is held exclusively by HTA."
In 2010, HTA acquired a portfolio of 2,450 Millicom-owned towers through its different operating companies in Ghana, Democratic Republic of Congo and Tanzania. Millicom retained equity stakes in the individual tower companies which will be exchanged for shares in HTA.
Millicom noted that HTA recently raised $363 million in new equity to fund acquisitions and facilitate growth in existing markets. The share exchange will take place at the same valuation as the funding round, it added.