The Ministry of Communication and Digitalization has facilitated a joint venture agreement between a UK-based private equity firm named Hannam Investments and the telecommunications network AT, formerly known as AirtelTigo.
It is worth noting that in November 2017, Airtel and Tigo merged to create AirtelTigo, continuing to offer a range of telecommunication services, including data, mobile money, and mobile voice services.
Following the rebranding, the new name, AT, was announced and communicated to the public on Thursday, June 22, 2023.
It was announced that the rebranding would be applied to all sub-brands, including AT Money, AT Business, AT Premier, and AT Insurance.
The current joint partnership with Hannam Investment is essential to enhance future communications, marketing materials, and branding initiatives for AT. This new partnership signifies the dawn of a new era for AT and the entire telecommunications industry in Ghana.
Both companies have expressed their commitment to a ‘consumer-centric’ approach and the provision of reliable, fast, and secure connectivity to facilitate the delivery of services and an unparalleled user experience.
Ursula Owusu-Ekuful, Minister of Communication and Digitalization, who played a pivotal role in facilitating the deal between the two companies at the joint venture signing, expressed confidence that the deal would transform the telecommunications sector.
She conveyed to AT employees, “The agreement aligns with the Ministry’s mission to facilitate the development of a reliable and cost-effective world-class communications infrastructure and services,” expressing her appreciation for their dedication to AT despite the challenges faced in the past.
AT’s CEO, Leo Skarlatos, expressed his excitement about the joint venture, stating, “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 stated, “We are delighted to partner with AT Ghana through this joint venture. This collaboration will bring capital to Ghana, thereby enabling technological advancements and the provision of data and services to end-users, which are currently lacking in major parts of the country. Additionally, it will enhance capacity and foster healthy competition for the benefit of the consumer.
“The 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 essential building blocks of a country and will act as drivers of economic growth and development.
“We thank the Honorable Minister and Mr. Skarlatos and his team at AT for all their hard work in making this transaction a reality. This is an incredibly exciting opportunity to transform the telecommunications market in Ghana by providing greater choice and services to consumers in an underserved market. We look forward to working with AT to make this vision a reality.”
The Joint Venture Is Set To Achieve:
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 consumers.
Competitive Products and Services: Commitment to launching innovative, consumer-centric products and services and ensuring consumers have access to the latest advancements in telecommunications technology.
Social Commitment: In addition to providing leading and advanced telecommunications and services to consumers, the joint venture will ensure a positive future and job security for over 10,000 Ghanaians employed by AT and its stakeholders. The joint venture will lead to the creation of jobs and make a meaningful contribution to the economic growth of Ghana.
About AT:
AT, formerly known as AirtelTigo, is a solid, dynamic, and innovative brand that provides a wide range of telecommunications services, including mobile voice, data, mobile financial services, and business connectivity solutions to a diverse range of consumer and business customers.
About Hannam Investments:
Hannam Investments has over 10 key investments in a range of sectors in over 10 countries. It is a privately owned permanent capital group that invests for the long term, actively participating in the development of portfolio companies. They have the industry and operational understanding to invest, build, and grow businesses successfully.
Their investments include being the majority shareholder of TBNG, the second-largest natural gas producer in Turkey, and Turkish fintech Colendi, which boasts over 15 million active users. Hannam Investments is the trading name of Elgin Partners Limited, established by Ian Hannam, the former Chairman of Global Capital Markets at JP Morgan.
