Etisalat Nigeria, a unit of the Gulf's top telecom operator Etisalat, is looking to sell its transmitter towers in a deal that could raise about $400 million, banking and industry sources familiar with the matter said.Building and maintaining mobile towers in Africa is typically more expensive than in other regions, because of security costs and electricity shortages that often require towers to be powered by generators, while new roads may need to be built to reach rural areas.This has increasingly prompted operators to seek to sell or lease towers to specialist firms such as Eaton Towers, Helios Towers Africa, American Tower Corp and IHS.Etisalat Nigeria, 40 percent owned by Etisalat and 30 percent by Abu Dhabi state investment fund Mubadala, has approached banks with a "request for proposal" (RFP) for advisory roles on the sale, the two sources said on Tuesday.
American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. Shares of AMT fell by 0.52% or $-0.42/share to $79.88. In the past year, the shares have traded as low as $67.89 and as high as $85.26. On average, 4135040 shares of AMT exchange hands on a given day and today's volume is recorded at 214331.
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