American Private Equity fund, Everstrong Capital has bought a majority stake in SealTowers Limited, a Kenya-based independent provider of cell towers.
However, the deal is still subject to regulatory approvals, and the companies did not disclose the size of the majority stake being sold.
Under the deal, Everstrong Capital through its local fund dubbed the Kenya Infrastructure Fund will partly inject $12.5 million to finance the construction of 200 additional towers.
The expansion of 4G and 5G networks will require many more infill tower sites to support networks. In addition, large buildings, malls, commercial and educational institutions provide an opportunity for in-door network solutions and provide expansion opportunities for SealTowers.
SealTowers founder and Chief Executive Tony Monda
Everstrong earlier announced it had raised $50 million from institutional investors targeting infrastructure projects in Kenya and Africa.
Started in 2016, SealTowers targets to build, own, lease, and manage telecommunication towers and infrastructure for Kenyan telcos.
See Also:
