Bharti Airtel on Wednesday provided an update into its ongoing towers sale activities in Africa, disclosing that it has raised US$1.7 billion (€1.5 billion) from the sale of sites in seven markets.
The divestments form part of previously announced agreements through which Bharti aimed to offload towers in 13 markets to various different buyers.
In July it revealed it had completed the sale of towers in five African markets, raising $1.3 billion.
It has now added two more markets and $400 million to its running total, but still has not disclosed the markets in question, nor the identities of the buyers.
In total, it has sold 8,300 towers across the seven markets, which represents 60% of the total tower base in question. It plans to use the proceeds to pay down debt.
"The agreements have lapsed in four countries while the process is on[going] in the remaining two countries," Bharti Airtel said in a stock exchange announcement.
"Tower sales and leaseback shall continue to remain a strategic priority for Airtel in all its operating countries across Africa and accordingly the balance [of the] towers will also be disposed [of] over a period of time," the telco said.
Last month Bharti announced it had closed the sale of 949 mobile sites in Zambia to IHS Holding. It is not immediately clear if that deal is one of the above agreements.
Separately, last week Bharti admitted that an agreement for the sale of 3,500 towers in six African markets to Eaton Towers had lapsed and had therefore been terminated. It brokered that sale-and-leaseback deal of undisclosed value in September 2014.
