Transmission specialist American Tower is buying major stakes in two new assets in Africa.
American Tower is buying 49 per cent stakes in Ghana Tower Interco and Uganda Tower from MTN Group. American Tower is paying $523 million (about Rand 7.3 billion). The transaction is expected to close later in this quarter.
MTN is divesting the stakes as part of its three-year asset realisation programme which started last March. Johannesburg-based MTN is a giant pan-African cellular operator with retail operations in 21 countries.
“Following the completion of these transactions, MTN will have realised proceeds of approximately R14-billion within the first 12 months of this programme,” said group CEO Rob Shuter.