South Africa-based MTN Group has entered into a joint venture with American Tower Corp to establish TowerCo Ghana, which will be 51% owned and managed by American Tower, with MTN taking the remaining 49%. Under the transaction MTN Ghana will sell up to 1,876 of its existing base station sites to TowerCo Ghana for an agreed purchase price of up to approximately USD428.3 million. Of this, American Tower will pay up to approximately USD218.5 million for its 51% stake in the new holding company. MTN Ghana will act as the ‘anchor tenant’, on commercial terms, on each of the towers being purchased. American Tower also expects that TowerCo Ghana will build at least an additional 400 sites for both MTN Ghana and other local cellcos over the next five years.