Independent mobile infrastructure provider IHS has completed its acquisition of more than 1 200 network towers from MTN. It has bought all of the mobile group’s towers in Zambia and Rwanda. The value of the transaction has not been disclosed.

IHS subsidiaries in Zambia and Rwanda acquired ownership and will manage 550 and 719 towers respectively, the company said in a statement on Thursday.

“Under the agreements, IHS will acquire and operate the towers and related passive infrastructure and will invest in a build-to-suit programme to support MTN’s future requirements in both countries,” IHS said. “MTN Rwanda and MTN Zambia will become the respective anchor tenants on the towers, while colocation services will be offered to the other operators in those markets.”

In the past three months, IHS has secured additional funding worth US$620m and now intends using the proceeds to finance future acquisitions in key markets across Africa, it said. “It will also support various strategic initiatives, including its organic expansion programme and the development of local engineering talent.”