Affirma Capital exits investment in Africa’s Eaton Towers

AFRICA – Affirma Capital, a Singapore-headquartered private equity firm, has exited its investment in African telecom tower company Eaton Towers. The exit was conducted as part of a 100% trade sale of Eaton Towers to the listed American Tower Corporation. The transaction, which was signed in May 2019, valued Eaton Towers at around US$1.85 billion. The valuation of Affirma Capital’s ownership was not announced. “Since the inception of the Africa business in 2008, the team has realized five full exits returning over US$350 million of capital to our investors,” said…

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American Tower closes US$1.85bn Eaton Towers transaction, acquires joint venture

AFRICA – American Tower Corporation AMT, real estate investment trust, announced that it has closed its previously announced acquisition of private equity backed Eaton Tower.   This has enabled the company to add around 5,700 communications sites in its African portfolio. Total purchase consideration, subject to post-closing adjustments, approximated US$1.85 billion. This included the assumption of Eaton Towers’ existing debt. The transaction will enhance American Tower’s scale in five African markets, including Ghana, Kenya and Uganda.  When the transaction was announced in May 2019, the company had anticipated the assets to…

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