Airtel raises $1.3 b from Africa tower sales

Sale aims to reduce the $10 billion debt
Airtel raises $1.3 b from Africa tower sales

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Airtel has raised $1.3 billion from the sale of mobile towers in five countries in Africa to Helios Towers, IHS Holding Limited and American Tower Company, according to a notification on the Bombay Stock Exchange.

The operator said that the sale aims to reduce the $10 billion debt used in its African operations in 2010.

In December 2014, Airtel sold 1,100 towers in Zambia and Rwanda to IHS Holding Limited. The agreements were conducted through Bharti Airtel International. The agreement says that the operator would sell and lease back over 1100 towers from IHS in Zambia and Rwanda under a 10-year renewable contract.

In November 2014, Airtel sold 4,800 towers in Nigeria to the American Tower Corporation for $1.05 billion.

In September 2014, Airtel sold 3500 towers to Eaton Towers in six African nations, and in July it sold 3100 towers in four countries to Helios Towers Africa.

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