IHS Towers Closes Sale of 8,950 South American Sites to Macquarie
IHS sits 43% above its 52-week low of $5.71 on light trading volume (0.2× avg).
Summary
IHS Towers completed the sale of its South American tower operations to Macquarie Asset Management, transferring 8,700 sites in Brazil and 250 in Colombia. The deal was previously announced as part of IHS's strategic divestitures, and this closing finalizes the exit from those markets. Proceeds are expected to support the company's balance sheet as it progresses toward the $8.50/share going-private merger with MTN Group, which shareholders approved on August 4. The transaction removes a significant asset base but provides liquidity ahead of the merger close.
At the time of this announcement, IHS was trading at $8.19 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $5.71 to $8.95. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.