IFC, AIIM and Adenia in potential telecom tower deal
The IFC is considering an equity investment of up to $24 million in Eastcastle Infrastructure Limited to fund the deployment of the company’s built-to-suit towers across its three target markets.
Established in 2020, Eastcastle is a new platform company that will own and operate shared telecom tower infrastructure in various countries across sub-Saharan Africa. The company intends to deploy 1,950 telecom towers across Nigeria, Côte d’Ivoire and the Democratic Republic of Congo.
The company is currently 50/50 co-owned by founders Peter Lewis and Pankaj Kulshrestha. As part of the total equity raise to fund the project, IFC, African Infrastructure Investment Managers (AIIM) and Adenia Partners will subscribe up to 95.8% of Eastcastle, of which up to 20% from will be from the IFC, up to 37.9% from AIIM, and up to 37.9% from Adenia. The remaining shareholding will be held by the co-founders.
The total project cost is approximately $239 million.
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