Millicom International Cellular (MIC) has announced that it will own 24% of the shares of Helios Towers Africa (HTA) following a shareholding reorganisation. The reshuffle will see MIC exchange its shares in HTA’s tower companies in Ghana, Democratic Republic of Congo (DRC) and Tanzania for shares in the parent company. In its statement, MIC noted that the transaction will simplify the share ownership structure of HTA, adding that there will be no change to access to commercially sensitive information.
HTA acquired a portfolio of 2,450 MIC towers in the three nations mentioned above through its various units via a leaseback deal in 2010, with MIC retaining a minority stake in the local tower companies. Through the current deal, MIC will exchange its holdings in these subsidiaries for a 24% stake in HTA.