Eaton Towers sells South African business to ATC
Eaton Towers Group announced it has signed an agreement to sell its South African towers to American Tower Corporation (ATC) South Africa for an undisclosed sum. This transaction is subject to regulatory approval.
The company's execution of its build-to-suit strategy over the last few years has resulted in a portfolio of around 300 towers serving some 600 tenants across South Africa. The sale, which represents about 5 percent of Eaton Towers' total business, will allow the company to invest further in the countries where Eaton Towers is market leader and expand into new markets in Africa. Eaton Towers said the South African market of some 30,000 towers is dominated by the telecoms and broadcast organisations, which own over 90 percent of the towers.