Helios Towers to acquire 1,200 Senegalese sites

Helios said on Wednesday that to acquire Free Senegal's passive infrastructure assets for an upfront cash consideration of €160m - representing an enterprise value of €178m, which also includes an estimated €18m-worth of taxes and capitalised ground leases.

The FTSE 250-listed group expects to pay a deferred consideration of €40m and invest roughly €30m in growth capex into the assets over the next five years.

Following the transaction, Helios will become the largest independent tower infrastructure provider in Senegal, initially delivering run-rate revenues of €32m and run-rate adjusted underlying earnings of €16m.

Helios expects the transaction to close by the end of 2021's first quarter.

Chief executive Kash Pandya said: "This agreement is aligned perfectly with our 2025 strategic ambitions, broadening our footprint within the African towers infrastructure market.

"We are acquiring a market-leading independent position in Senegal with long-term contracted revenues and a clear path to value creation through additional organic tower development, uplifts in the tenancy ratio and improved operational effectiveness, all built on the foundation of 15-year contracts."

As of 0830 BST, Helios shares were down 2.12% at 163.46p.