South Africa's MTN, American Tower form JV in Ghana.

By bne IntelliNews December 7, 2010
South African mobile phone operator MTN Group has established a joint venture with U.S. wireless-tower operator American Tower Corp to start an operation in Ghana, the companies said in a statement. The tie-up, named TowerCo Ghana, will be managed by American Tower. It will be owned by a holding company in 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 1,876 of its existing sites to TowerCo Ghana for approximately USD 428.3mn. American Tower will pay about USD 218.5mn for its 51% stake. MTN Ghana will be the anchor tenant, on commercial terms, on each of the towers being purchased. American Tower also expects that TowerCo Ghana will build at least an additional 400 sites for both MTN Ghana and other wireless operators in Ghana over the next five years. The transaction is expected to close by early 2011, subject to customary closing conditions.

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