New tower company backed by AIIM, Adenia and IFC

Image Credit: Pixabay

Eastcastle Infrastructure, a new telecom towers company launched last year by Peter Lewis and Pankaj Kulshrestha, two former Eaton Towers executives, has landed an investment of fresh equity totaling $130 million from three leading private capital investors focused on the Africa – African Infrastructure Investment Managers (AIIM), Adenia Partners, and IFC. According to a summary of investment information on the IFC’s website, the three investors will hold a 95.8% stake in the company between them, with the balance being held by Eastcastle’s co-founders and the firm’s management team.

While a representative declined to share the breakdown of the investment between the three investment firms, the IFC’s board has approved a $24 million investment in Eastcastle Infrastructure in exchange for a 20% stake in the business. According to the DFI, AIIM and Adenia will each hold as much as 37.9% stake in the firm, suggesting each is investing up to $49 million.

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