Bharti Airtel’s African arm completes $176 million tower sale deal in Tanzania – World Affairs SRS

Bharti Airtel’s African arm completes $176 million tower sale deal in Tanzania

– World Affairs SRS

The African arm of Bharti Airtel has completed the first part of its $176 million telecom tower sale deal in Tanzania. The sale is part of its overall deleveraging strategy, which generated more than $800 million in 2021 through fund-raising and asset sales.

Airtel Africa’s tower assets in Tanzania have been acquired by a joint venture company owned by SBA Communications Corporation and Paradigm Infrastructure Limited.


Under the terms of the transaction, Airtel’s business unit in Tanzania will continue to develop, maintain and operate its equipment on the towers under separate lease agreements.

“Approximately $159 million of the proceeds of the transaction with the first closing has now been paid upon completion of the transfer of the remaining towers to the buyer along with the remaining installments,” the company said in a press release. About $60 million from the proceeds will be used to invest in network and sales infrastructure in Tanzania and distribution to the Tanzanian government according to a settlement agreement. The balance amount will be used to reduce debt at the group level.

Airtel operates in 14 African countries and provides mobile service and mobile money services across the continent. The African business accounts for about 30 percent of the company’s consolidated revenue. As of March 2021, it had 118 million customers in Africa.

                                                    </div><div style="background: #fee8dd; padding: 12px; border: dashed 1px black; margin-bottom: 20px;">

Dear reader,

Business Standard has always worked hard to provide updated information and commentary on events that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only reinforced our resolve and commitment to these ideals. Even during these difficult times arising out of COVID-19, we are committed to keeping you informed and updated with relevant news, authoritative views and scathing comments on relevant relevant issues.
However, we have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Subscribing to more of our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in independent, unbiased and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.

support quality journalism and Subscribe to Business Standard,

digital editor

,

—-*Disclaimer*—–

this is an unedited and auto-generated supporting article of the syndicated news feed are actualy credit for owners of origin centers. intended only to inform and update you about Sakari naukri , result , UPSC , Exam Jobs etc. for Provides real or authentic news. also Original content may not have been modified or edited by Rojgar samachar team members.

Leave a Reply