Shares of telecommunications companies rose amid deal activity and anticipation of a new wave of network improvements. Vodacom Group, South Africa's largest mobile operator by subscribers, agreed to buy a 35% stake in Kenya's Safaricom for $2.59 billion, a bet that the popular East African mobile money service M-Pesa would appeal to the whole continent. As AT&T and Verizon invest in the latest "5G" network, analysts at brokerage BTIG said cell-phone tower owners such as American Tower, SBA Communications and Crown Castle should see more revenue.
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(END) Dow Jones Newswires
May 15, 2017 16:38 ET (20:38 GMT)