AT, Hannam Investments Sign Joint Venture Agreement To Transform Ghana’s Telecommunication Market

The Ministry of Communication and Digitalisation has facilitated a joint venture agreement between a UK based private equity firm by name Hannam Investments and telecommunications network AT – formerly AirtelTigo.

It would be recalled that in November 2017, Airtel and Tigo merged to form AirtelTigo, still offering a range of telecommunication services such as data, mobile money, and mobile voice services.

Following the rebranding, a new name was announced as AT, and communicated same to the public on Thursday, June 22, 2023.

It was indicated 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 has been of necessity to enhance future communications, marketing materials, and branding initiatives of AT.

The new partnership signifies the dawn of a new era for AT and the entire telecommunication industry in Ghana.

Both companies have expressed commitment in ‘consumer centric’ approach and provision of data through reliable, fast and secure connectivity to facilitate the delivery of services and unparalleled user experience.

Honourable Ursula Owusu-Ekuful, Minister of Communication and Digitalisation who has been instrumental in facilitating the deal between the two companies at the signing of the joint venture was confident that, the deal would transform the telecommunications sector.

She made it known to the AT employees that, “The agreement aligns with the Ministry’s mission to facilitate the development of reliable and cost-effective world-class communications infrastructure and services” expressing her excitement to them for staying with the AT company 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 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.

“The JV 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 a essential building block of a country and will act as a driver of economic growth and development.

“We thank the Honourable Minister and Mr Skarlatos and his team at AT for all of 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.”

The Joint Venture Is Set To Achieve:

1. 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.
2. Competitive Products and Services: Commitment to launching innovative, consumer-centric products and services and ensuring consumers access to the latest advancements in telecommunications technology.
3. 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.

About AT

AT formally AirtelTigo is a solid, dynamic, and innovative brand, providing 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.

About Hannam Investment

Hannam Investments have over 10 key investments, in a range of sectors, in over 10 countries. They are a privately owned permanent capital group which invests for the long term. Actively participating in the development of portfolio companies, have the  industry and operational 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.