African infrastructure company Helios Towers pulled plans to float the company in the UK, a move which was expected to value the business at £2 billion.

In a statement, Helios Towers said its plans to list on the London Stock Exchange (LSE), announced earlier this month, had been “met with considerable institutional investor interest”, but shareholders decided not to proceed with the IPO at this time.

The company did not offer an explanation for the decision.

Financial Times reported Helios Towers’ decision to backtrack was a blow to the UK, with the market primed for another similar listing by Eaton Towers. The latter, which is also an African tower company, is yet to formally announce intentions to list, but the move is expected to value the company at around £1.2 billion.

The tower companies reportedly held talks to consolidate in the past.

Helios Towers was formed in 2009 and currently owns around 6,600 towers in Ghana, Tanzania and Democratic Republic of the Congo. The company is co-owned by telecoms operators Millicom, Bharti Airtel and a number of hedge funds.