(Bloomberg) — IHS Holding Ltd., which went public last year with a New York share sale, is further expanding its mostly African telecom-tower portfolio with a $315 million deal in Brazil.
The company will buy SP5, a unit of Grupo TorreSur, according to a statement on Monday. The deal will add 2,115 masts to its Brazilian network of about 7,000 along with secondary fiber network.
“The acquisition of the portfolio will be our fifth transaction since we entered the region two years ago,” IHS Chief Executive Officer Sam Darwish said.
IHS’s October initial public offering raised about $378 million to fund growth, though the stock has since slumped 45% to almost halve the company’s value to $3.8 billion. The group bought South African towers from MTN Group Ltd., Africa’s largest wireless carrier, in November for about $410 million.
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