\tAmerican Tower agreed to purchase operator MTN\u2019s minority stakes in the pair\u2019s infrastructure joint ventures in Ghana and Uganda for $523 million, as the latter continued efforts to raise funds and reduce debt through asset sales.<\/p>\n
The deal is expected to close in Q1.<\/p>\n
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.<\/p>\n
MTN\u2019s 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.<\/p>\n
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.<\/p>\n
The move also comes as American Tower continues to grow its presence in Africa, closing a previously announced deal to acquire Eaton Towers [1] 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.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/african-tower-market-sees-consolidation\/<\/p>\n","protected":false},"excerpt":{"rendered":"
American Tower agreed to purchase operator MTN’s minority stakes in the pair’s infrastructure joint ventures …<\/p>\n
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