American Tower Corporation has reached an agreement for the acquisition of MTN’s 49% stakes in the company’s joint ventures in Ghana and Uganda.
Valued at approximately $523 million, the deal is due to close by March subject to the standard regulatory conditions.
The news follows American Towers’ completion of its purchase of Eaton Towers Holdings which will add 5,700 communications sites to its African portfolio. The total cost of the deal which includes Eaton Towers’ existing debt and any post transaction adjustments, was approximately $1.85 billion.
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 177,000 communications sites.
MTN has initiated a recovery plan for the company focused on a number of areas, including eliminating loss-making assets or exiting countries where MTN has no prospect of reaching the top-two positions in terms of market share.