which saw funds managed by Capital Group Private Markets and other financial sponsors sell Eaton Towers to American Tower has won the M&A Deal of the Year at the inaugural IFLR1000 Sub-Saharan Africa Awards.
A team from Debevoise & Plimpton LLP advised Capital Group Private Markets and other selling shareholders in the transaction, which had total consideration of approximately $1.85 billion.
Eaton Towers is a leading pan-African telecom tower operator, owning and operating 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 IFLR1000 Sub-Saharan Africa Awards focus exclusively on legal innovation in cross-border transactions, considering deals that closed between May 31, 2019 and May 31, 2020.
Debevoise’s highly regarded Africa practice advises both local and international entities on M&A, investments, joint ventures, and investment treaty and commercial disputes. The team is made up of a diverse group of lawyers across multiple practice areas with deep experience working on the continent. It has advised on numerous headline and innovative M&A transactions, as well as on the formation of Africa-focused private funds. Other highlights for the team last year include advising TPG Capital in its takeover of the existing assets of the Abraaj Group’s $1 billion Global Healthcare Fund, and advising LeapFrog Investments in the formation of LeapFrog Financial Inclusion Fund III, a $700 million emerging markets-focused impact fund. The firm has also advised Helios Investment Partners on a number of key Africa-focussed transactions in recent years.