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Cell C Completes Second Closing in Landmark South African Telecom Deal
Practices
In the second closing of their precedent-setting sale-leaseback of telecommunications towers in South Africa, on July 25, American Tower Corporation, through its South African subsidiary, acquired 329 telecommunications towers from Paul, Weiss client Cell C (Pty) Ltd. for approximately 965 million South African rand.
At the first closing in March, American Tower acquired 960 towers from Cell C, and the parties expect American Tower to acquire the balance of Cell C's tower portfolio at a final closing in December. American Tower will also acquire up to 1,800 additional towers currently under construction or to be constructed in the future.
Cell C, South Africa's third cellular operator with more than seven million subscribers, will be an anchor tenant on each of the towers purchased, and its relationship with American Tower will enable it to further enhance the quality and coverage of its cellular network.
The lawyers on the transaction included corporate partner Bruce A. Gutenplan; real estate partner Mitchell L. Berg; and tax partner Peter J. Rothenberg. London-based partner Mark Bergman also assisted on the transaction.