Clifford Chance

Clifford Chance advises Wendel on an additional $304 million investment in IHS, which will bring its total investment to $779 million

Clifford Chance advises Wendel on its additional $304 million investment, which will bring its total investment in IHS Holding to $779 million. The transaction will be closed in tranches: In the first tranche that will close in 2014, Wendel will invest $195 million at a 25% premium to the previous capital increase in April 2014. A subsequent tranche is expected to close in mid 2015.

As part of these capital increases, new top-tier investors have decided to support IHS in its growth and development.

IHS Holding, the pan-African independent leader in telecoms towers, has announced major developments in its sector, with the acquisition of 2,136 towers from Etisalat in Nigeria on August 7, 2014 and an agreement on September 3, 2014 with MTN in Nigeria for the transfer of 9,151 towers to an IHS Group company.

In addition, Wendel has brought together four American and European family investors, including FFP and Sofina, to invest in IHS. In addition to the $779 million already invested, Wendel has thus raised an additional $181 million through a co-investment vehicle in IHS. Wendel will manage the vehicle and exercise its voting rights.

Following these two capital increases, Wendel will hold approximately 26% of the share capital directly, will remain the company's principal shareholder, and will represent, together with its co-investors, 36% of the voting rights.

The Clifford Chance team advising Wendel consists of Gilles Lebreton (partner) and Marianne Pezant (counsel) on M&A aspects, Xavier Comaills (partner), Cyril Fiat and Diane Campion de Poligny on funds aspects, Eric Davoudet (partner) on tax aspects, and in Luxembourg François-Xavier Dujardin (partner), Paul Van den Abeele (partner) and Marion Finzi.