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.

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