AT, previously AirtelTigo Ghana, has entered a Joint venture agreement with Hannam Investments, a UK based Private equity firm, facilitated by the Ministry of Communication and Digitalisation.
The Joint agreement seeks to accomplish three key goals:
• Enhanced Telecommunication Infrastructure: Hannam Investments through the Joint Venture will invest in state-of-the-art technology and infrastructure upgrades to create a leading 4G mobile telecom network focused on fast, reliable and secure data provision to the consumer.
• Competitive Products and Services: Commitment to launching innovative, consumer-centric products and services and ensuring consumers access to the latest advancements in telecommunications technology.
• Social Commitment: In addition to the provision of leading and advanced telecommunications and services to the consumer the Joint Venture will ensure a positive future and job security for employees of AT and stakeholders that amount to over 10,000 Ghanaians. The Joint Venture will lead to the creation of jobs and make a meaningful contribution to the economic growth of Ghana.
Ursula Owusu-Ekuful, Minister of Communication and Digitalisation has been instrumental in working with the exchange and is certain about its true capacity for the broadcast communications sector.
Speaking at the signing of the joint venture, the minister stated,
“The agreement aligns with the Ministry’s mission to facilitate the development of reliable and cost-effective world-class communications infrastructure and services.”
She additionally offered her thanks to the workers who have remained with the organization in spite of the difficulties in the past.
AT’s CEO, Leo Skarlatos additionally expressed his excitement about this joint endeavor, expressing,
“This is a significant milestone for AT. With Hannam Investments’ support, we are well-positioned to provide cutting-edge telecommunication solutions, compete on a global scale, and contribute to the development of our workforce and nation.”
Mr. IC Hannam and James Bell of Hannam Investments, also gave their addresses,
“We are delighted to partner with AT Ghana through this joint venture. This collaboration will bring capital to Ghana thereby producing an investment that will enable technological advancements and the provision of data and services to the end-users which are currently lacking in major parts of the country. Additionally, it will enhance capacity and foster healthy competition to the benefit of the consumer”.
“This Joint Venture will make substantial investments to create a new player in the telecom sector. Our aim is to ensure that more people in Ghana have access to the internet and services which are an essential building block of a country and will act as a driver of economic growth and development”.
“We thank the Honorable Minister and Mr Skarlatos and his team at AT for all their hard work to make this transaction a reality. This is an incredibly exciting opportunity to transform the telecommunications market in Ghana by providing greater choice and services to the consumer in an underserved market. We look forward to working with AT to make the vision a reality.”
AT formally AirtelTigo is an innovative brand, that provides a wide range of telecommunications services, including mobile voice, data, mobile financial services and business connectivity solutions to a wide range of consumer and business customers.
On the other hand, Hannam Investment is a privately owned permanent capital group which invests for the long term. The company is located in 10 countries worldwide, and actively participate in the development of their portfolio companies. Hannam Investment has a wealth of understanding to invest, build and grow businesses successfully.
Investments include being majority shareholder of TBNG, the second largest natural gas producer in Turkey and Turkish fintech Colendi. Established 3 years ago it boasts over 15 million active users. It is now recognised as the largest fintech in the MEA. Ian Hannam was previously the Chairman of Global Capital Markets at JP Morgan.
Since then, he has established Hannam Investments, alongside the boutique investment bank Hannam & Partners established in 2013, a FCA registered institution supporting a range of activities and business (but with a particular focus on mining, hydrocarbons and financial services including fintech).
During Ian Hannam’s career at JP Morgan, he worked on over 300 transactions in 40 countries. Many of those were transformational and led to Ian Hannam being recognised as the leading banker in a particular sector at a particular time. Hannam Investments is the trading name of Elgin Partners Limited.