Summary
American Tower Corporation (AMT) announced a significant strategic expansion into the Tanzanian market through a definitive agreement to acquire approximately 1,350 communications towers from Airtel Tanzania Limited. This acquisition, valued at approximately $179 million (subject to customary adjustments), is expected to close in the first half of 2016, pending regulatory approval and other closing conditions. The company also has the option to acquire up to 100 additional sites in development for further consideration, indicating potential for continued growth within the region. This move represents American Tower's ongoing strategy to broaden its international footprint and diversify its asset base in emerging markets. Investors should view this as a positive development, signaling continued investment and growth opportunities in attractive, underpenetrated telecommunications infrastructure markets. The company plans to make presentation slides regarding this expansion available on its investor relations website starting March 21, 2016.
Key Highlights
- 1American Tower to acquire approximately 1,350 communications towers in Tanzania from Airtel Tanzania Limited.
- 2Transaction valued at approximately $179 million, subject to customary adjustments.
- 3Potential to acquire up to 100 additional sites in development for additional consideration.
- 4Acquisition marks expansion into the Tanzanian market.
- 5Expected closing date in the first half of 2016.
- 6Transaction is subject to customary closing conditions and regulatory approval.
- 7Presentation slides detailing the Tanzanian market entry will be available on the company's website starting March 21, 2016.