Pan African Towers draws serious acquisition interest as DPI and Verod explore a high-value exit amid Nigeria’s growing telecom infrastructure needs

Pan African Towers may be on the verge of a major sale, as strong buyer interest swirls around the Nigerian telecom infrastructure provider.

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Private equity owners, Development Partners International (DPI) and Verod Capital, are said to be quietly exploring an exit in what could become one of the sector’s standout deals.

Founded in 2017, Pan African Towers (PAT) has grown into a key player in Nigeria’s telecom space, operating nearly 1,000 towers nationwide.

With colocation agreements supporting over 1,200 tenants, including giants like MTN, Airtel and Glo, the company has earned a reputation for reliability and local ingenuity.

Sources close to the matter suggest DPI and Verod—who acquired a 99% stake through a bold management buyout in late 2023—are now entertaining offers.

While no formal announcement has been made, insider chatter points to valuation estimates reaching hundreds of millions of dollars.

Nigeria’s telecom sector is currently grappling with an infrastructure shortfall, needing upwards of 70,000 towers to enable widespread 4G and 5G adoption.

That deficit has turned firms like Pan African Towers into prized assets, especially for international players looking to expand into Africa’s largest market.

Among the potential suitors is Indus Towers, a major Indian operator backed by Bharti Airtel, which recently signalled expansion ambitions in Nigeria, Uganda and Zambia. Industry insiders believe PAT could offer the perfect launchpad.

Although previous merger talks with Eastcastle Infrastructure fell through, market watchers say this hasn’t dimmed PAT’s appeal. On the contrary, it may have sharpened it.

Neither DPI, Verod, nor PAT has issued a statement, but the companies’ silence only fuels speculation of a significant deal in the works.

With Nigeria’s mobile data demand expected to quadruple by 2030, Pan African Towers stands at a strategic crossroads.

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Whether it’s acquired, merged, or remains independent, its next chapter could reshape the digital infrastructure landscape in West Africa.