MTN exits tower business in Uganda, Ghana
Africa’s largest telecom firm, MTN, has agreed to sell its towers businesses in Uganda and Ghana as Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East.
Clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth, prompting the company to announce a $1 billion three-year asset-disposal plan earlier this year.
MTN said it had agreed to sell its 49% holdings in Uganda Tower Interco B.V and Ghana Tower Interco B.V. to AT Sher Netherlands Coöperatief U.A. for $523 million. The sale is expected to close in this first quarter of 2020 leaving MTN with a profit of 6 billion rand ($425.74 million).
The company also said it had finalized the redemption of MTN Nigeria preference shares, raising $315 million. MTN said it will use the proceeds to pay down its U.S. dollar-denominated debt and for general corporate purposes.
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