American Tower agreed to purchase operator MTN’s minority stakes in the pair’s infrastructure joint ventures in Ghana and Uganda for $523 million, as the latter continued efforts to raise funds and reduce debt through asset sales.
The deal is expected to close in Q1.
The pair teamed up on an initial tower collaboration in Ghana in 2010, before expanding their partnership to include a second JV in Uganda the following year.
MTN’s decision to sell its stake in both ventures comes as part of an asset monetisation programme launched in March 2019, which aims to raise at least R15 billion ($1.07 billion) over three years.
Rob Shuter, MTN Group President and CEO, said in a statement that, including the sale to American Tower, the operator already realised proceeds of R14 billion ($996 million) from the programme.
The move also comes as American Tower continues to grow its presence in Africa, closing a previously announced deal to acquire Eaton Towers for $1.85 billion. The company gained around 5,700 communication sites across five African markets through the transaction, boosting its global portfolio to around 177,000 sites.Subscribe to our daily newsletter Back