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Cell C Completes Third Closing in Landmark South African Telecom Deal
Paul, Weiss client Cell C (Pty) Ltd. and American Tower Corporation completed the third closing of their precedent-setting sale-leaseback of telecommunications towers in South Africa on December 14. In the three closings, American Tower, through its South African subsidiary, acquired 100 percent of Cell C's portfolio of 1,365 communications towers. Going forward, 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 largest 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 were corporate partner Bruce A. Gutenplan; real estate partner Mitchell L. Berg; tax partner Peter J. Rothenberg; and London-based partner Mark S. Bergman.