Bharti Airtel has sold off its tower assets in Nigeria and other four African countries for over $1.3 billion. Other countries are Uganda, Ghana, Rwanda and Congo Brazzaville.
Our correspondent learnt that the sale was necessitated by a need to reduce the $10.64 billion debt the company had incurred to run its operations on the continent.
Airtel has reportedly not made any profit since it began operating on the continent and the company is set to sell off 12,500 of its towers in Africa to companies including Eaton, American Tower Corp and IHS.
The sale of the assets comes after the company had announced that it would divest its tower assets in 13 African countries to different tower companies.
It was revealed that the company would move on to sell off in six more African countries as discussions over its tower assets in two others have lapsed.
The company in a statement on Friday explained that “We hope to have the finality in the coming few months on the transactions proposed, subject to availability of all approvals and completion of the conditions precedent.”
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