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Bharti Airtel Sells 4800 Towers in Nigeria to American Tower Corp

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Bharti Airtel has signed a deal to sell its 4,800-plus telecom towers in Nigeria to American Tower Corporation for around $1.05 billion (about Rs 6,463 crore) as the world’s fourth largest carrier attempts to lower its debt and turn around its loss-making operations in the continent.

Sunil Mittal-promoted Bharti Airtel signed the deal with ATC through its international arm, Bharti Airtel International (Netherlands) BV . “Airtel will be the anchor tenant on the portfolio under a lease with a 10-year initial term,” the two companies said in a joint statement issued on Monday.

“Total consideration is expected to be approximately $1.05 billion, subject to customary adjustments,” ATC said separately in its US regulatory filing, adding that it expected the acquisition to close in the first half next year, subject to regulatory and other conditions. Original post at ET Telecom

Wahengbam Rorrkychand

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