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5/30/2019, 4:33 PM (Source: TeleTrader)
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American Tower to buy Eaton Towers for $1.85B

Wireless infrastructure company American Tower has acquired African tower company Eaton Towers for an enterprise value of $1.85 billion, the Financial Times reported on Thursday.

Eaton Towers was founded in 2008 and has a portfolio of 5,000 towers across Africa. It was due to go public in London and Johannesburg last year but ultimately canceled the listing. The transaction is expected to generate around $260 million in revenue and $165 million in gross profit in the first year on the basis of current exchange rates.

"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 American Tower CEO Jim Taiclet.

Breaking the News / DZ