Etisalat Nigeria, a unit of the Gulf's top telecom operator Etisalat, is looking to offload 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 high 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 prompted operators to increasingly look to sell or lease out towers to specialist companies such as Eaton Towers, Helios Towers Africa, American Tower Corp and Lagos-based IHS.Etisalat Nigeria has approached banks with a "request for proposal" (RFP) for advisory roles on the sale, two sources said on Tuesday, speaking on condition of anonymity as the matter is not public. The sources were not aware if an advisor had yet been appointed."Operating towers can be a taxing exercise for telecom operators and we have seen several players looking to offload the business to dedicated players," said one banking source.
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 remained unchanged at $80.30. 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 0.
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