Image credit: atlastowers.com
Atlas Towers sells South African unit to investor SBA
(Bloomberg) — Atlas Tower Pty Ltd. is selling its South African tower portfolio to shareholder SBA Communications Corp. for 2 billion rand ($140 million).
The U.S. company will dispose of more than 900 towers in Africa’s most industrialized economy to SBA, Atlas Chief Executive Officer Nathan Foster said in an interview in Johannesburg.
Rising demand for high-speed internet across Africa has made the tower industry a hotbed for deal making, with wireless carriers looking to sell out to specialist providers. South Africa is seen as a particularly attractive market, as the country is looking to start 5G services over the next two years.
Helios Towers raised $364 million in a London share sale earlier this month as investors looked to capitalise on the growth of tower services in countries such as Tanzania, Ghana and South Africa. American Tower agreed to buy Eaton Towers for about $1.85 billion in May to combine resources on the continent.
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