On the same day that IHS Towers struck an agreement to be acquired by South African telco MTN Group, the company announced it will sell its Latin America tower operations to Macquarie Asset Management.

The sale is inclusive of IHS Brazil and IHS Colombia and its approximately 8,602 sites, noted IHS Towers.

The transaction of the company's Latam unit is worth an enterprise value of approximately $952 million.

According to IHS, the sale is part of the company's strategy to create value for shareholders.

“We are today announcing the sale of our Latam tower operations to Macquarie Asset Management, marking our exit from the Latam region. We are deeply grateful to our colleagues, customers, and other stakeholders who have enabled us to scale our Latam tower portfolio," said Sam Darwish, chairman & CEO, IHS Towers.

The sale is slated to close later this year, subject to certain conditions being met.

"We expect further wireless and digital infrastructure investment will be required to support 5G network buildout in Brazil and Colombia over the next several years," added Fernando Lohmann, Brazil country lead, Macquarie Asset Management.

Founded in 2001, IHS Towers is a tower infrastructure company focused on the emerging markets. The company has more than 37,000 towers across its seven markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Nigeria, South Africa, and Zambia.

The sale in Latin America comes as IHS Tower agreed to sell its 75 percent majority stake in the company to MTN Group. This agreement will see MTN Group take full ownership of the tower company.