Telkom Kenya, a telecommunications company, has divested its 723 telecommunication towers for 17.16 billion Kenyan shillings ($169 million) to American Tower Company (ATC), a U.S. company to improve returns for equity investors.

The deal is subject to the satisfaction of specified conditions, and will enhance its footprint in the Kenyan market after making similar acquisitions in Uganda and Tanzania a decade ago.

Following the close of the deal, the U.S. firm will now control 97.2 percent of Telkom Kenya Ltd. towers.

In its five-year strategy, Telkom Kenya will invest $150 million in its third generation and fourth generation networks as well as mobile financial services and customer experience.