This archive report was first published on 6 August 2019.
On August 6, 2019, American Tower Corporation (ATC) announced that its earnings from East Africa had risen to Sh18 billion in the first six months of the year.
The increase was attributed to the company's acquisition of 723 telecommunication towers from Telkom Kenya, a deal that was reached in May 2018.
According to ATC's recent filings, the new assets helped boost its half-year earnings by five percent.
"Revenue in the company's Europe, the Middle East, and Africa (EMEA) segment increased five percent year over year to $175 million (Sh18 billion) thanks to a 7.2 percent increase in organic tenant billings and the acquisition of some towers in Kenya," said the ATC in the filing.
The acquisition marked ATC's entry into the Kenyan market, nearly a decade after the company made its foray into East Africa through similar acquisitions in Uganda and Tanzania.
"This represents American Tower's 17th market globally and our fifth in Africa … We look forward to helping expand the reach of mobile broadband throughout the country. Kenya is a very attractive market, and we have high expectations for its long-term growth potential," said ATC President of EMEA and Latin America William Hess at the time.
