Leading independent telecoms tower company, Eaton Towers, has announced that it has raised $350 million in new equity resources from existing and new shareholders, to fund expansion and acquisitions across Africa.

According to a statement Capital Group Private Markets, the controlling shareholder of Eaton Towers through its sixth global emerging markets private equity fund, DPI a leading pan-African private equity fund and Eaton Towers management all invested additional equity.

They are joined by new shareholders a consortium led by Ethos Private Equity, a leading South African fund manager with a 30-year track record, and Standard Chartered Private Equity, reads the statement.

“We are very pleased that our existing and new shareholders support our strategy and vision to create a market-leading, independent, pan-African tower company," said Terry Rhodes, chief executive officer of Eaton Towers.

In the statement Eaton also noted that it has signed the first independent tower deal in Egypt, with the purchase, leaseback and management of over 2,000 Mobinil towers.

The agreement with Mobinil, part of the Orange Group, consists of the purchase of approximately 2,000 towers with a 15-year leaseback contract for the operation and maintenance, and additional build out of new sites.

Rhodes stated, "We are delighted to sign the first purchase and leaseback tower deal in Egypt. Egypt is the second largest mobile market in Africa and we will invest over $200 million to provide world-class shared infrastructure to help the Egyptian operators provide better coverage and data services to their customers."

“Once the Mobinil deal and the agreements with Bharti Airtel for six countries signed and announced last September are completed, Eaton Towers will be operational in eight countries, representing the most diversified portfolio of shared infrastructure on the African continent,” Rhodes said.