The Mauritius-based financial services holding, MCB Group Limited, has announced the acquisition of a minority stake in Africa Mobile Networks Limited (AMN) through its private equity subsidiary, MCB Equity Fund.
The banking group is part of a Metier-led consortium that funded AMN. The deal is valued at $36 million.
Metier is an independently owned private equity fund manager with an extensive track record spanning 10 investment pools, delivering returns above 30 percent.
Other investors in the consortium include the UK-based CDC Group, DEG (German development finance institution), Proparco (the private sector arm of the French Development Agency), and other leading institutions.
AMN is one of the largest independent tower companies in Africa. It builds and operates mobile network base stations in collaboration with tier-1 licensed mobile network operators such as MTN and Orange to extend rural coverage in Sub-Saharan Africa.
The tower company operates about 2,000 mobile network base stations in rural towns and villages in 10 countries. The latest investment will enable it to produce and install more than 5,000 towers in over 15 countries in Africa by the end of 2023.
MCB Group
MCB Group is Mauritius’ most extensive banking institution and sole shareholder in the MCB Equity Fund.
Headquartered in Port Louis, Mauritius, it has subsidiaries and investments in Mauritius, France, India, Madagascar, Maldives, Mayotte, Mozambique, Seychelles and South Africa.
Pierre Guy Noel, who currently serves as its group CEO, also doubles as the chairman of all of its subsidiaries. Noel has led about 19 different companies.
