ATC closes Eaton Towers transaction, to acquire JV stakes in Ghana and Uganda

transmission tower 1017159 640American Tower Corporation has closed its previously announced acquisition of Eaton Towers Holdings Limited (Eaton Towers), adding approximately 5,700 communications sites to its African portfolio

The total consideration for the acquisition, subject to certain post-closing adjustments, was approximately US$1.85bn, including the assumption of the existing Eaton Towers debt.

The company also reached an agreement with MTN Group Limited (MTN) to acquire a minority stake in each of the joint ventures of MTN in Ghana and Uganda for a total amount of approximately US$523mn.

The transaction is expected to close in the first quarter of 2020, subject to regulatory approval, and will result in a one-time impact for American Tower of approximately US$65mn in 2020 from the payment of previously deferred cash interest related to joint venture debt.

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