Global law firm Squire, Sanders & Dempsey has advised HiTs Africa LTD on its US$215 million share offering. The Private Placement Memorandum (PPM) was announced in Bahrain on 23 April 2008.
HiTs Africa based in Bahrain is a fast growing telecoms provider in sub-Saharan Africa, whose parent company is HiTs Telecom Holding Co., which is aggressively pursuing global expansion with investments and interests in the Middle East, Asia, Europe and Latin America. The group plans to expand operations in Africa and Latin America as well as obtain a majority stake in a European operator. The PPM has focused on the growth of HiTs Africa in building on its markets.
Stephen J. Nelson, who led the Squire Sanders team, said, “This transaction represents HiTs Africa’s serious commitment to funding the rollout of its pan-African strategy of becoming a major player in the sub-Saharan telecoms market. The fundraising demonstrates the continued sophistication of the Middle Eastern telecoms market which is becoming increasingly international and wide reaching.”
Thomas J. Ramsey, relationship partner to HiTs Telecom Holding and HiTs Africa, said, “We are seeing the same kind of telecoms deals in the Middle East that swept Europe a decade ago. Now that the European telecoms market is saturated, as well as privatised, the big ticket telecoms deals are now in the Middle East, Africa, Latin America and Asia. It’s exciting to help bring deals such as this to fruition, since Squire Sanders has a long tradition of providing legal counsel on a wide range of areas in the telecoms sector.”
Commenting on the PPM, HiTs chairman Dr. Sultan Bahabri said, “We are delighted that we can call on the industry expertise of Squire Sanders in support of our global expansion plans.”
Squire Sanders is an internationally recognized leader in the field of communications law. With a practice that began in the late 1960s, for more than four decades the firm has been at the forefront of developments that have transformed the global communications marketplace. Squire Sanders is the only international law firm whose lawyers have been engaged in the practice of communications law throughout this period of unprecedented change. Having helped shape the industry of the 20th century, Squire Sanders lawyers are uniquely situated to assist clients as they address new challenges presented by the convergence of the communications, media and information industries. Today, the firm is involved in nearly every aspect of the communications business in virtually every part of the world.
Independent legal surveys consistently recommend Squire Sanders’ pre-eminent telecoms practice around the world, including Chambers Global 2008, PLC Which Lawyer? Yearbook 2008 and The Legal 500 Europe, Middle East and Africa 2008.
Founded in 1890, Squire, Sanders & Dempsey L.L.P. has offices in 32 offices and 15 countries around the world. With one of the strongest integrated global platforms and a longstanding one-firm philosophy, Squire Sanders provides sophisticated seamless legal counsel worldwide. Offices in the Americas are located in Cincinnati, Cleveland, Columbus, Houston, Los Angeles, Miami, New York, Palo Alto, Phoenix, San Francisco, Tallahassee, Tampa, Tysons Corner, Washington DC, West Palm Beach, Caracas, Rio de Janeiro, Santo Domingo and São Paulo. In Europe, offices are in Bratislava, Brussels, Budapest, Frankfurt, Kyiv, London, Moscow, Prague and Warsaw. In Asia, offices are in Beijing, Hong Kong, Shanghai and Tokyo. Associated firms are located in Bucharest, Buenos Aires, Dublin and Santiago.
About HiTs Africa
HiTs Africa is focused on becoming a leading telecoms provider in sub-Saharan Africa with its long term vision of providing human-based communication to connect and improve customers’ lives.
About HiTs Telecom
HiTs Telecom pursues and builds high growth communications opportunities globally by identifying market needs and demands and applying its deep industry knowledge and strong management team. HiTs Telecom manages mobile operations that address markets of more than 250 million people. More information on HiTs can be found at www.hitstelecom.com.
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