American Tower to acquire Eaton Towers for $1.85bn
30 May 2019 | Jason McGee-Abe
American Tower Corporation (AMT), one of the largest global REITs, has entered into a definitive agreement to acquire Eaton Towers for $1.85 billion.
As a result of the transaction, AMT expects to “accelerate new build activity across the region” due to expanded relationships with multiple key tenants. Eaton Towers owns and operates approximately 5,500 communications sites across five African markets.
The assets are expected to generate approximately $260 million in property revenue and approximately $165 million in gross margin, at current exchange rates, in their first full year in American Tower’s portfolio, which consists of over 170,000 communications sites.
“This transaction will significantly augment our existing footprint in Africa and positions ATC to take even better advantage of the growth opportunity in the region as 4G mobile data technology is deployed to serve millions of Africans over the coming years,” said Jim Taiclet, chief executive officer of American Tower (pictured).
The total consideration for the transaction, including the company’s assumption of existing Eaton Towers debt, is approximately $1.85 billion, subject to customary closing adjustments.
The transaction is anticipated to be immediately accretive to consolidated AFFO per share and is expected to close by the end of 2019, subject to customary closing conditions and regulatory approvals.
12m | Jason McGee-Abe
1h | Sponsored Content
1h | Jason McGee-Abe
2h | Jason McGee-Abe