Helios Towers plc (“Helios Towers”), the independent telecommunications infrastructure company, has announced that it has closed the acquisition of Airtel Africa’s passive infrastructure company in Malawi, adding 723 sites to its portfolio.
The gross consideration for the transaction will be US$55 million, of which 20% is funded by Old Mutual Infrastructure Investment Trust Fund, representing a local Malawian shareholding of 20%, in-line with the local telecommunications infrastructure license requirements previously disclosed.
Helios Towers and Airtel Africa have also entered into a 12-year service agreement on the acquired assets, which, in-line with prior communications, are expected to deliver revenues of US$23 million and Adjusted EBITDA of US$8 million in the first full year of ownership, with further growth anticipated through 60 committed build to suits over the next three years and colocation lease-up.
