Debevoise & Plimpton LLP has advised funds managed by Capital Group Private Markets, as well as other selling shareholders, in the sale of Eaton Towers to American Tower.
The total consideration for the transaction is approximately $1.85 billion, subject to customary closing adjustments.
Capital Group Private Markets is an experienced leader in emerging markets private equity, having invested over $5 billion in more than 80 companies. Funds managed by Capital Group Private Markets are the majority selling shareholders of Eaton Towers, after first investing in the company in 2011.
Eaton Towers owns and operates approximately 5,400 communications sites across five African markets (Ghana, Kenya, Uganda, Niger and Burkina Faso), comprising the most geographically diversified tower portfolio in Africa.
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate, with a portfolio of over 170,000 communications sites.
The transaction is expected to close by the end of 2019, subject to customary closing conditions and regulatory approvals.
The Debevoise team advising Capital Group Private Markets and the other selling shareholders was led by partner E. Raman Bet-Mansour, and included associates Dominic Blaxill and Hilary Davidson. Tax advice was provided by partner Richard Ward and associate Heather Atkins.
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