American Tower Corporation, owner and operator of telecommunications infrastructure, announced that it has entered into a definitive agreement to acquire Eaton Towers Holding Limited, which owns and operates approximately 5,500 communications sites across five African markets. As a result of the transaction, the Company also expects to accelerate new build activity across the region due to expanded relationships with multiple key tenants. The total consideration for the transaction, including the Company’s assumption of existing Eaton Towers debt, is approximately US$1.85 billion, subject to customary closing adjustments.

The assets are expected to generate approximately US$ 260 million in property revenue and approximately US$ 165 million in gross margin, at current exchange rates, in their first full year in American Tower’s portfolio. The transaction is anticipated to be immediately accretive to Consolidated AFFO per Share and is expected to close by the end of 2019, subject to customary closing conditions and regulatory approvals.