MTN, American tower form joint venture in Ghana

2010-12-06 09:34

The MTN Group has established a joint venture with the American Tower Corporation to start an operation in Ghana, they said today.

“We are pleased to announce the launch of our operations in Ghana in partnership with MTN, Africa’s largest mobile operator,” said Jim Taiclet, chairperson of American Tower Corporation, in a joint statement.

The joint venture, TowerCo Ghana, will be managed by American Tower.

It will be owned by a holding company of which a wholly-owned American Tower subsidiary will hold a 51% share, while a wholly-owned MTN Group subsidiary will hold the other 49%.

As part of the transaction, MTN Ghana will sell up to 1876 of its existing sites to TowerCo Ghana for about $428.3 million (nearly R3?billion).

American Tower will pay around $218.5 million for its 51% stake.

The transaction is expected to close by early next year, subject to the usual closing conditions.

American Tower is an operator and developer of broadcast and wireless communications sites. It owns and operates more than 33?000 communications sites in the United States, Latin America and India.

MTN Group is a multinational telecommunications group operating in 21 countries in Africa, Asia and the Middle East.

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