AMT
#Sure, <UNK>, it's <UNK>.
As far as our broadcast business, it's mid-single-digit percent of our revenue, a really solid piece of our Business which has very long-term contracts, as you know, in the TV and radio space.
And with the incentive auctions going on now, there are going to be a few moving parts that we think we're in a really excellent position to address and take advantage of.
You may recall three or four years ago, we acquired <UNK>hland Towers, which was I guess the second-largest independent in the space.
And so we have a really solid position to help the broadcasters that either retain or divest some of their spectrum to stay on air.
So they're going to have to have sites that are both simultaneously transmitting in a market while equipment is being taken down or put up, so we will have plenty of sites for them to move to in the process.
And we'll be able to be, we think, the real estate provider of choice as this TV station shuffle of spectrum and channels goes through.
We think it's going to be a nice, solid growth business.
It's going to contribute to our US operations for many years here.
As far as the small deals that we're doing, it's the same disciplined investment process that we've had in place for years and years.
We've got these very highly qualified teams, I would describe them as, across all of the continents globally that are continuing to always look for opportunities for us to invest and meet our criteria of those investments and get AFFO-accretive deals for us.
And sometimes those are big like in Viom or Verizon or GTP, and sometimes those are modest size like in South Africa we are acquiring the Eaton Towers, adding about 300 sites to our portfolio.
It makes a ton of sense for us tactically and strategically, and we'll go ahead and do those smaller deals.
Africa, as you saw from <UNK>'s presentation, is one of our fastest-growing regions.
Much like India, there's incredible need and demand, not only currently but far into the future, for mobile service there.
There are very low-cost handsets that are going to accelerate the adoption of 3G and 4G for people in those countries that really, really need it, and we've got a pole position there.
Certainly in South Africa, we're the independent leader.
In Nigeria, we're one of the top two.
And Ghana and Uganda, we are also the clear leader as independents, we feel.
So we've got a really good strategic positioning in the countries that we think we need to be in there.
And the trends are going to be very similar for the mid- to long-term in Africa, as they will be in India, where we think we can sustain double-digit growth rates.
And I also just wanted to further clarify and provide some color on <UNK>'s question on the JV.
We expect this JV to be a platform for us to be able to expand in the region.
And I am not going to get into any of the details relative to the JV agreement, but there's always a process within the agreement to the extent that the carriers aren't able to or don't desire to for one to be able to expand in the market without the other.
So just wanted to make sure that, <UNK>, I gave that additional color to you.
<UNK>, the answer is yes.
To the extent that there's more euros being generated in the market, there's definitely going to be more opportunity to be able to raise capital on that in the market.
So the business itself in Germany, as you know, is not a significant business for us overall from a consolidated perspective.
So we don't have significant amounts of euros being generated.
We have been able to candidly pull out a fair amount of cash from the business over the last three or four years since we've owned it.
But we're hopeful that to the extent that this platform proves successful, and as <UNK> said, we have deals over there that make sense for us that we would be able to increase our exposure into the marketplace.
And relative to multiples and things like that, we're really under NDA to be able to disclose any of those.
I think we feel really good about the values that have been ascribed to this business, and I think we have route, as <UNK> said, just a really solid platform to be able to look at other opportunities, therapeutic to the balance ---+ all of the things that <UNK> mentioned in terms of supporting our strategic goals in the Business.
We're really excited about this opportunity.
There is a ---+ the transaction deal pipeline has increased around the globe and in all of the regions, really absent the US.
So there is opportunity there.
But we don't have any plans to remark on at this point in time to invest in some of those transactions.
Our business development teams continue to look at opportunities, as I mentioned.
And relative to the buyback, I think as <UNK> mentioned, when we come back in February and talk about our goals and plans for 2017, we can get a little bit more specific.
And we'll have three or four months of more knowledge in terms of just what the activity might look like for the year.
We expect to be at that 5 times or below, clearly with this kind of cash that we're going to be getting from the JV and the additional capacity that we have.
So we feel really good in terms of ability to hit our targets that we laid out at the beginning of the year, and positions us well for next year.
Less than 5%, <UNK>.
You bet.
Thank you, everyone, for joining us today, and to the extent you have any further questions, feel free to reach out to the Investor Relations team.
We're here to help.
Have a great day.
