After the acquisition in 2020 of the American communications technology provider Range Networks, Africa Mobile Networks, which builds and operates mobile network base stations in rural areas in Africa, has opened up its capital to a group of foreign investors.
Fund manager Metier led a $ 36 million investment in Africa Mobile Networks (AMN), the fifth largest independent tower company operating in Africa.
The operation saw the participation of a group of investors made up of the British and German development finance institutions (CDC Group and DEG), the subsidiary of the French Development Agency in charge of the private sector (Proparco), the investment division of the Mauritius Commercial Bank (MCB) and other institutions.
In return for their commitment, the consortium of investors will acquire a minority stake as well as $ 3.5 million in existing AMN shares. The capital deployed “will fund the next phase of Africa Mobile Networks’ growth. Supported by leading development finance institutions, Metier will work with AMN to build tens of thousands of towers in countries in sub-Saharan Africa to connect hundreds of millions of Africans, ” said Michael Darcy, director. general of AMN.
The group, which operates around 2,000 mobile network base stations in villages in around ten African countries, will strengthen its activity with the ambition of increasing from 2,000 towers in 10 countries to 5,000 towers in more than 15 countries by 2023. This transaction follows the acquisition in 2020 of the American communications technology provider Range Networks.
In a report published in November 2020 and called e-conomy Africa 2020, Google and the International Finance Corporation (IFC) estimate that the digital economy in Africa could represent 5.2% of the continent’s GDP by 2025, i.e. a just over $ 180 billion.