American Tower Closes Eaton Towers Transaction & Announces Agreement to Acquire Joint Venture Stakes in Ghana & Uganda From MTN
January 02 2020 - 8:00AM
Business Wire
American Tower Corporation (NYSE:AMT) announced today that it
has closed its previously announced acquisition of Eaton Towers
Holdings Limited (“Eaton Towers”), adding approximately 5,700
communications sites to its African portfolio. Total consideration
for the acquisition, subject to certain post-closing adjustments,
was approximately $1.85 billion, including the assumption of
existing Eaton Towers debt.
The Company has also reached an agreement with MTN Group Limited
(“MTN”) to acquire MTN’s minority stakes in each of the Company’s
joint ventures in Ghana and Uganda for total consideration of
approximately $523 million. 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 $65
million in 2020 from the payment of previously deferred cash
interest related to joint venture debt.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of approximately
177,000 communications sites. For more information about American
Tower, please visit www.americantower.com.
Cautionary Language Regarding Forward-Looking
Statements
This press release contains statements about future events and
expectations, or “forward-looking statements,” all of which are
inherently uncertain. We have based those forward-looking
statements on management’s current expectations and assumptions and
not on historical facts. Examples of these statements include, but
are not limited to, statements regarding our expectations for the
acquisition of MTN’s interests, the expected consideration for the
transaction and the impact on our consolidated results. These
forward-looking statements involve a number of risks and
uncertainties. For important factors that may cause actual results
to differ materially from those indicated in our forward-looking
statements, we refer you to the information contained in Item 1A of
our Form 10-K for the year ended December 31, 2018, as updated in
Part II, Item 1A of our Form 10-Q for the quarter ended September
30, 2019, under the caption “Risk Factors” and in other filings we
make with the Securities and Exchange Commission. We undertake no
obligation to update the information contained in this press
release to reflect subsequently occurring events or
circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20200102005240/en/
Igor Khislavsky Vice
President, Investor Relations Telephone: (617) 375-7500
American Tower (NYSE:AMT)
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