Confirmed: Hannam Investments takes over AT Ghana

UK-based private equity firm, Hannam Investments is the new private investor in AT Ghana (formerly AirtelTigo).

The Ministry of Communication and Digitalisation has just facilitated a joint venture agreement between Hannam and AT Ghana to seal the relationship.

It would be recalled that in November 2017, Airtel and Tigo merged to form AirtelTigo. Then on June 22, 2023 the company announced it has rebranded to AT Ghana, which was then applied to all of its sub-brands – AT Money, AT Business, AT Premier, and AT Insurance.

A statement from the MoCD said the current partnership with Hannam Investment will enhance future communications, marketing materials, and branding initiatives of AT, adding that it also signifies the dawn of a new era for AT and the entire telecommunication industry in Ghana.

Minister of Communication and Digitalisation, Ursula Owusu-Ekuful, who was instrumental in facilitating the deal between the two companies, said she is confident that the deal will transform the telecommunications sector.

She assured workers of AT that, “The agreement aligns with the Ministry’s mission to facilitate the development of reliable and cost-effective world-class communications infrastructure and services”.

The Minister said she was excited that the workers stayed on in spite of the challenges facing the company.

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.

“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.”

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).

From Hannam Website

Meanwhile, per the information on their website, the Hannam Investments (Hannam and Partners) founded by Ian C. Hannam, claims to be owned by more than ten partners who claim to have a combined 160 years of experience in natural resource, energy and financial services.

Per their own “Overview”, their main stay is metals, mining, energy and finance.

Indeed, a closer look at each of their profiles shows that an overwhelming majority of them have expertise in mining and natural resource sector, with just about two having experience in finance. None of them has any stated background in telecoms or technology.

There is nothing on their website to also show their footprints, as a company, in investments or telecoms/technology or anything of a sort. But they claim their team members have  done some advisory work in mergers and acquisitions (M&A) over the last 30 years.