Everstrong’s new fund acquires control stake in Kenyan tower company

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USA-headquartered Everstrong Capital is acquiring a majority stake in a 5-year old Kenyan tower company via the infrastructure investment firm’s new $50 million Kenya Infrastructure Fund. The size of the stake being acquired in the tower company, SealTowers Ltd, following Everstrong’s investment has not been disclosed, nor have any of the other deal terms been revealed. The transaction will complete once the necessary regulatory approvals have been granted and other closing conditions have been met.

Part of the capital will be used to finance the $12.5 million SealTowers needs for a planned tower rollout program which will see the installation of up to 200 tower sites in Kenya over the next two years. More and more telecoms service providers are outsourcing their infrastructure requirements, tapping companies like SealTowers, which builds, owns, leases, and manages telecom towers, for their infrastructure needs. SealTower already has in place framework, build, and lease contracts with five major mobile and internet service providers, and Everstrong’s investment will help the business add more sites to its network, increasing access to ICT services and addressing the gaps in Kenya’s network coverage.

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