Telecom

MTN announces sale of tower businesses in Ghana and Uganda

1 Mins read

The MTN Group has agreed to sell 49 per cent of its tower businesses in Ghana and Uganda to a subsidiary of American Tower Company for $523 million.

MTN in a statement revealed that 49 per cent of its holdings in Ghana Tower Interco B.V. and Uganda Tower Interco B.V. will be transferred to AT Sher Netherlands Coöperatief U.A. for $523 million.

The transaction which is expected to be completed by the end of the first quarter of 2020 is subject to regulatory approval.

“Firstly, MTN has concluded an agreement to dispose of its 49% equity holdings in the Ghana and Uganda Tower Company investments to a subsidiary of American Tower Company for $523 million, approximately R7.3 billion. This transaction is expected to close in Q1 2020,” the statement said.

Group President and CEO Rob Shuter commented “Following the completion of these transactions, MTN will have realised proceeds of approximately R14 billion within the first 12 months of this program. Realising proceeds from simplifying the group remains a major strategic objective and we expect further progress in this program in 2020.”

Related posts
Telecom

AirtelTigo blocking partially registered SIM cards

1 Mins read
AirtelTigo blocking partially registered SIM cards In line with the Government’s directive to link all SIM cards to National Identification Card (Ghana…
Money TransfersTelecom

MoMo agents want E-levy further reduced to 0.5%

1 Mins read
MoMo agents want E-levy further reduced to 0.5% The Mobile Money (MoMo) Agents Association of Ghana is urging government to further reduce…
Money TransfersTelecom

SIM cards deactivation will push us out of business

1 Mins read
SIM cards deactivation will push us out of business – MoMo Agents The Mobile Money Agents Association of Ghana says the deactivation…

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!