American Tower Corporation (ATC) has closed its previously announced USD1.85 billion acquisition of Eaton Towers Holdings, adding 5,700 towers to its portfolio in Africa. ATC says it now controls around 177,000 wireless towers worldwide.
Meanwhile, ATC has also announced that it is acquiring minority stakes in tower joint ventures (JVs) in Uganda and Ghana which are currently held by MTN Group. ATC will pay MTN USD523 million for its 49% interests in Uganda Tower Interco and Ghana Tower Interco. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval. In a statement MTN explained the decision to offload its stakes in the two JVs, saying: ‘We remain focused on continuing to execute on the important strategic priorities of reducing debt, simplifying the portfolio and reducing risk.’