Eaton Towers, an independent telecom tower company in Egypt, has announced it has raised $350 million in new equity resources from shareholders to fund expansion and acquisitions across Africa.
According to a news release on Eaton Tower’s website, the move is to enable it consolidate its expansion across Africa with the aim of delivering better connectivity across the continent.
Eaton has signed its first independent tower deal in Egypt, with the purchase, leaseback and management of over 2000 Mobinil towers.
“We are delighted to sign the first purchase and leaseback tower deal in Egypt. Egypt is the second largest mobile market in Africa and we will invest over $200 million to provide world-class shared infrastructure to help the Egyptian operators provide better coverage and data services to their customers,” says Terry Rhodes, CEO Eaton Towers.
The agreement with Mobinil, a part of local mobile network operator, Orange group, consists of the purchase of approximately 2000 towers with a 15-year leaseback contract for the operation, maintenance and additional build, out of new sites.
