In a venture facilitated by the Ministry of Communication and Digitalisation (MoCD), UK-based private equity firm, Hannam Investments, has become the new private investor in AT Ghana (formerly AirtelTigo), marking a pivotal moment for the telecommunications company.
A statement from the Ministry of Communication and Digitalization said, the newly formed partnership between Hannam Investments and AT Ghana is expected to enhance future communications, marketing materials, and branding initiatives. The collaboration symbolizes the beginning of a new era not only for AT Ghana but for Ghana’s entire telecommunications industry.
Minister of Communication and Digitalization, Ursula Owusu-Ekuful, who played a key role in facilitating the partnership, believed the agreement would positively transform the telecommunications sector. She assured AT Ghana’s employees that the deal aligns with the Ministry’s mission to promote the development of reliable and cost-effective world-class communications infrastructure and services. The Minister also commended the resilience of AT’s workforce, who persisted in the face of challenges encountered by the company.
AT Ghana’s CEO, Leo Skarlatos, was enthused about this joint venture, considering it a significant milestone for the company. With the support of Hannam Investments, AT Ghana aims to provide cutting-edge telecommunication solutions, compete on a global scale, and contribute to the growth of Ghana’s workforce.
Mr. IC Hannam, and James Bell of Hannam Investments, have shown delight at the partnership with AT Ghana. They anticipate that this collaboration will inject capital into Ghana, foster technological advancements, and expand data and service provision in regions currently lacking them.
The AT-Hannam Invsstments partnership aims to extend internet access and services to a broader segment of the Ghanaian population, thereby acting as a catalyst for economic growth and development.
What does Hannam Investments do?
Hannam Investments, with a diversified portfolio of more than ten key investments spanning over ten countries, is a privately owned permanent capital group with a long-term investment focus. They are known for actively participating in the development of portfolio companies, bringing industry and operational expertise to the table to build and grow businesses successfully.
Notably, Hannam Investments has had a significant presence in the natural gas production sector in Turkey, where they are the majority shareholder of TBNG, the second-largest natural gas producer. Additionally, their involvement in Turkish fintech company, Colendi, which boasts over 15 million active users, has solidified their position as the largest fintech provider in the Middle East and Africa region.
Founder of Hannam Investments, Ian Hannam, who previously served as the Chairman of Global Capital Markets at JP Morgan, has established this investment firm alongside the boutique investment bank Hannam & Partners. The latter is a registered FCA institution with a specific focus on mining, hydrocarbons, and financial services, including fintech.
While the website and profiles of the team at Hannam Investments primarily emphasize their expertise in metals, mining, energy, and finance, they have notably ventured into the telecom and technology sector through their collaboration with AT Ghana.
Although their history may not explicitly showcase their involvement in telecom or technology investments, this joint venture signifies their commitment to diversifying their portfolio and expanding into new areas of opportunity.
A brief history of AT reveals that in November 2017, Airtel and Tigo merged to create AirtelTigo, and subsequently, on June 22, 2023, the company rebranded itself as AT Ghana. This rebranding extended to all its sub-brands, such as AT Money, AT Business, AT Premier, and AT Insurance.