December 6, 2010 / 6:29 AM / 9 years ago

MTN, American Tower to form Ghana joint venture

JOHANNESBURG, Dec 6 (Reuters) - South Africa’s MTN (MTNJ.J) and U.S. firm American Towers (AMT.N) said on Monday they will form a joint venture in Ghana to manage mobile telephone towers.

The two companies said in a joint statement that MTN will sell up to 1,876 of its existing tower sites in Ghana to the joint venture for up to $428.3 million. In return, it will get a 49 percent stake in the unit, TowerCo Ghana.

American Tower will pay up $218.5 million for its 51 percent stake. Amercian Tower said it expects the unti will build at least 400 additional tower sites over the next five years. (Reporting by Gugulakhe Lourie, Writing by David Dolan)

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