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Helios Towers to acquire more than 1,200 sites from Free Senegal

13 Aug 2020

Independent telecoms infrastructure company Helios Towers has agreed a deal to acquire the passive infrastructure assets of Free Senegal, the country’s second largest mobile network operator, for an upfront cash consideration of EUR160 million (USD188.2 million) and a deferred payment of EUR40 million. Helios has also committed to invest EUR30 million over the next five years to deploy 400 new ‘build-to-suit’ mobile tower sites, and has entered into a 15-year service agreement with Free Senegal for the provision of hosting and energy services on the acquired sites and those to be built in the future.

Through this transaction Helios Towers will become the largest independent tower infrastructure provider in Senegal with 1,220 sites. The company expects the assets, which generated pre-tax profits of EUR11 million in 2019, to initially deliver run-rate revenues of EUR32 million and run-rate adjusted EBITDA of EUR16 million. The deal is expected to be completed by Q1 2021, subject to customary completion conditions and regulatory approval.

Commenting on the deal, Helios Towers CEO Kash Pandya said: ‘This agreement is aligned perfectly with our 2025 strategic ambitions, broadening our footprint within the African towers infrastructure market. We are acquiring a market-leading independent position in Senegal with long-term contracted revenues and a clear path to value creation through additional organic tower development, uplifts in the tenancy ratio and improved operational effectiveness, all built on the foundation of 15-year contracts.’ Free Senegal CEO Mamdou Mbengue added: ‘We are very pleased to partner with Helios Towers through the acquisition of our passive infrastructure portfolio and new long-term service agreement. The transaction will allow Free Senegal to further expand its network mobile coverage in Senegal by partnering with the leading tower company in the region.’

Senegal, Free Senegal, Helios Towers

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