All data is delayed
See More

Cell C in $430m tower sell-off deal

Nov 05 2010 14:29

Johannesburg - Cell C on Friday said it has made an agreement to sell off 1 400 of its towers to American Tower Corporation for about $430m.

The deal includes up to 1 800 additional towers that are either under construction or will be constructed over the next two years.
The firm said Cell C will be the anchor tenant on each of the towers being purchased by American Tower, and that it expects to close the sale of the existing towers by early 2011, subject to customary closing conditions.

“We are pleased to announce the launch of our operations in South Africa, as well as the opportunity to work with Cell C,” said Jim Taiclet, chairperson, president and CEO of American Tower.

“We believe South Africa provides a compelling investment opportunity for us, with strong demand for voice and advanced wireless data services. In addition, our newly established presence in South Africa will provide us with a platform for our future growth in the region.”
Cell C CEO Lars Reichelt said: "This is an important strategic transaction for Cell C, allowing us to realise the value embedded in our passive infrastructure, which has undergone a significant transformation over the past few years. We believe our relationship with American Tower will enable us to further enhance the quality and coverage of our network."
American Tower is an owner, operator and developer of broadcast and wireless communications sites. It owns and operates about 33 000 communications sites in the US, Brazil, Chile, Colombia, India, Mexico and Peru.

 - Fin24

lars reichelt  |  cell c


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Myths that funding and red tape are the two biggest challenges faced by emerging companies and entrepreneurs, have been debunked by a report.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb’s possible intervention in the markets to stem the rand’s fall is:

Previous results · Suggest a vote