In an effort to boost its expansion across Africa, starting with Egypt, telecommunications tower company Eaton Towers announced it has raised some $350 million in that effort. The move will allow the company to push out its towers in order to deliver better connectivity across the continent.
The company, which develops, builds and operates mobile phone towers in numerous countries across the continent, has reportedly inked a deal with Orange’s Mobinil in Egypt for 2,000 towers, according to initial reports published by the BBC.
The company has positioned itself as being the leader in tower sharing that can cut the costs of mobile operators. CEO Terry Rhodes said investors during the most recent round of funding include controlling shareholder Capital Group Private Markets and a consortium headed by Ethos Private Equity and Standard Chartered Private Equity.
The company currently has networks of mobile phone towers in seven African countries, including Ghana, Uganda, Kenya and South Africa. Egypt will be the company’s latest market in Africa.
Rhodes said in a statement released by the company that Eaton Towers “has signed other deals in West and East Africa, which will be concluded soon.”
The goal across Africa is to increase connectivity and ease of delivering mobile services while at the same time reducing costs on customers.