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(Ecofin Agency) – US investment fund Everstrong Capital reached an undisclosed deal with Kenyan telecom tower operator SealTowers to acquire a majority stake in the company. The investment channeled through the Everstrong Kenya Infrastructure Fund will be part of Everstrong Capital’s $12.5 million financing package to roll out an additional 200 telecom towers in rural and urban Kenya over the next two years.
“We believe that the partnership with Everstrong Capital will enable us to tap into massive opportunities in the telecommunications sector in both urban and rural locations. The expansion of 4G and 5G networks will require many more infill tower sites to support networks. In addition, large buildings, malls, commercial and educational institutions provide an opportunity for in-door network solutions and provide expansion opportunities for SealTowers,” said Tony Monda (pictured, right), SealTowers founder and chief executive.
SealTowers’ agreement with Everstrong Capital is part of the company’s growth strategy. The deal reflects the telecom tower manager’s ability to become a partner for critical infrastructure solutions. It also aligns with the trend of outsourcing telecom infrastructure, which has accelerated since 2019, when many telecom operators prefer to focus more on their core business and offer innovative telecom services.
As part of its partnership with SealTowers, Everstrong Capital will provide its experience and skills in structuring, capitalizing, and managing businesses. In return, it will benefit from SealTowers’ expertise in telecommunications, design, engineering, deployment, and tower management. Philip Dyk, a managing partner at Everstrong Capital, said the collaboration between the two companies will help expand network access across the country and help create new revenue for both partners.
Isaac K. Kassouwi
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