Millennium Post

Airtel sells towers in Nigeria to ATC for $1.05 billion

Telecom operator Bharti Airtel has sold its 4,800 mobile towers in Nigeria to US based American Towers Company for about $1.05 billion in a move to pare debt.

In a joint statement, Airtel and ATC announced that they have entered into an agreement 'for the sale of over 4,800 of Airtel's communications towers in Nigeria.' Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term, it added.

The agreement has been signed between Bharti Airtel subsidiary, Bharti Airtel International (Netherlands) BV (Airtel) and ATC.

ATC in a statement said: 'The total consideration is expected to be approximately $1.05 billion, subject to customary adjustments.'

'We are pleased to announce the launch of our operations in Nigeria while expanding our relationship with Airtel, one of the leading multinational operators in the world,' American Tower President and Chief Executive Officer Jim Taiclet said.
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