American Tower Corporation announced it closed the first tranche of the acquisition of towers belonging to South African mobile operator Cell C.
Its local subsidiary bought about 960 towers for about US$140m, paid in cash, local financing and funds…
American Tower Corporation announced it closed the first tranche of the acquisition of towers belonging to South African mobile operator Cell C.
Its local subsidiary bought about 960 towers for about US$140m, paid in cash, local financing and funds contributed by South African investors who hold about 25% of the subsidiary.
The company said it expected to acquire about 440 additional towers during 2011 for about US$60m, subject to customary closing conditions. It may also buy up to 1,800 towers which are either currently being built or will be built over the next two to three year for about US$230m.
Cell C will be the anchor tenant of the towers.
Citigroup advised Cell C on the sale, while Ernst & Young was thought to be advising American Tower.
