Eaton Towers

YEAR: 2015
BUSINESS DESCRIPTION: Shared telecoms towers
INVESTMENT PARTNERS: Hamilton Lane & HarbourVest

Africa Calling

Ethos Answers Eaton Towers’ Call


Expanding horizons.

Local insights, regional networks and global reach.

Picture this.

You are standing on the banks of Lake Victoria – Africa’s largest lake – eighty kilometres
east of Kampala. Insects drone. A hippo breaks the water’s surface and submerges
again. Local fishermen cook the day’s catch on open coals sending sparks dancing into
the fiery sunset.

A cell phone rings. And each fisherman reaches into his pocket!

This snapshot captures a picture of the abundant opportunity in Africa; teeming potential
on the shores of economic evolution.

While potential abounds, opportunities to invest in mature companies, of scale, that can
grow across the continent by capturing the compelling consumer story are rare.

That’s why when Eaton Towers – a leading pan-African, independent provider of shared
telecom towers – required expansion capital we recognised a unique set of investment

  • a pan-African tower portfolio offering geographic diversity and reduced risk;
  • a scarce consumer-facing, strategic asset;
  • a proven value proposition for consumers and mobile network operators; and
  • alignment with likeminded, private equity shareholders.

We are delighted to be partnering with management, existing and new shareholders in
this pan-African transaction. Moreover, we are excited to have collaborated with two
Ethos Fund VI investors to contribute US$150m of the US$350m new equity raised to
realise Eaton’s vision of becoming the most geographically diversified tower company
on the African continent.

Now, back to Lake Victoria.

Reach for your cell phone, snap that picture and – thanks to Eaton’s towers – post it on
your profile with the status update: Wish You Were Here!