Bharti Airtel raises $1.3 billion from Africa towers
Bharti Airtel has sold its tower assets in five African countries for over $1.3 billion.
The operator said it is still in the process of further divestment in six countries as part of a bid to offload its tower assets in 13 African countries.
"Bharti Airtel had completed (tower asset) sale transactions in five countries, while in two countries, the agreements had lapsed. For the balance six countries, the process is on and we hope to have finality in the coming few months on the transactions processed,” said the company.
Proceeds from the transactions will go towards reducing debt. Airtel originally had approximately 15,000 mobile towers across Africa where it operates in 17 countries.
The company's efforts to divest its African tower business hit a hurdle in June 2015 when the company said its agreements with Helios Towers Africa for the sale of its towers in Tanzania and Chad had lapsed.
Last December Airtel sold more than 1,100 telecom towers in Zambia and Rwanda to IHS Holding via its subsidiary Bharti Airtel International.