The end of schmuck equity in Africa

MTN Group selling down its stakes in JVs with American Tower in Ghana and Uganda mark the end of an era

Read this article to learn:

  • Details of American Tower’s joint ventures in Ghana and Uganda
  • Background on joint ventures in African telecom towers
  • Implied tower valuation benchmarks
  • Impact on tower markets in Uganda and Ghana

In addition to announcing the closure of its Eaton Towers’ acquisition, on the 2nd January 2020 American Tower announced it had agreed terms to buy-out MTN’s minority stakes in its joint venture towercos in Ghana and Uganda. American Tower will pay approximately US$523mn for MTN’s 49% stakes in each of the joint ventures. The transaction…

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