The MTN Group says it has reached an agreement to sell 49 per cent of its tower businesses in Ghana and Uganda to a subsidiary of American Tower Company for $523 million.

In a statement on Thursday MTN said “Firstly, MTN has concluded an agreement to dispose of its 49% equity holdings in the Ghana and Uganda Tower Company investments to a subsidiary of American Tower Company for $523 million, approximately R7.3 billion. This transaction is expected to close in Q1 2020.”

The telecoms giant announced its Asset Realisation Programme (“ARP”) in March 2019 which aims to simplify its portfolio, reduce debt and risk, improve returns and realise proceeds of at least R15 billion over three years.

Group President and CEO Rob Shuter said, “Following the completion of these transactions, MTN will have realised proceeds of approximately R14 billion within the first 12 months of this program. Realising proceeds from simplifying the group remains a major strategic objective and we expect further progress in this program in 2020.”