Bharti Airtel raises $1.7 billion from sale of African towers
Bharti Airtel has completed the sale of approximately 8,300 mobile towers in Africa for $1.7 billion.
The divestments from the sale of the towers in seven markets are part of the operator’s wider plan to sell towers in 13 markets.
"As on date we have completed the sale transactions in seven countries for approximately 8,300 towers representing close to 60% of the total tower base," said Airtel.
Proceeds from the sale will go towards reducing its debt, according to the company. In September 2015, Bharti Airtel completed the sale of 949 mobile sites in Zambia to IHS Holding. Earlier in July, it closed the sale of towers in five African markets, raising $1.3 billion. The operator is in the process of exiting the tower business.
Bharti Airtel said tower sales and leaseback will continue to remain a strategic priority for the company in all its operating countries across Africa and accordingly, the balance of the towers will be disposed of over a period of time.