American Tower to Acquire Joint Venture Stakes in Ghana, Uganda

By Michael Dabaie

American Tower Corp. (AMT) said it would acquire MTN Group Ltd.'s (MTN.JO) minority stakes in each of the company's joint ventures in Ghana and Uganda for a total of about $523 million.

The transaction is expected to close in the first quarter of 2020. The deal will result in a one-time impact for American Tower of about $65 million in 2020 from the payment of previously deferred cash interest related to joint venture debt, the company said.

The real estate investment trust, which owns multitenant communications real estate, also said Thursday it closed its previously announced acquisition of Eaton Towers Holdings Ltd., adding about 5,700 communications sites to its African portfolio.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 02, 2020 08:36 ET (13:36 GMT)

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