Bharti Airtel on Wednesday announced that it has completed the sale of mobile towers in five African markets, raising US$1.3 billion in the process.
The Indian operator did not specify the markets in question, but said the sales form part of previously announced agreements to divest towers in 13 markets to various companies.
Those agreements have lapsed in two countries, it explained, while the sale process is progressing in the remaining six. It expects to bring those six deals to a close "in the coming few months," subject to certain conditions and regulatory approvals, it said in a statement to the Indian stock exchange.
"The total proceeds from the transactions already concluded are over US$1.3 billion, which would be utilised for reducing the debt of the company," Bharti said.
American Tower on Wednesday issued a statement confirming that it has closed the acquisition of 4,700 towers in Nigeria from Bharti. It did not put a figure on the deal.
Meanwhile, a fortnight ago Bharti announced that deals with Helios Towers Africa that would have seen the latter acquire cellsites in Tanzania and Chad had lapsed and were therefore terminated.
Separately, Helios T owers Africa said it "places great value on its business partnership with Airtel and will continue to work with them in Tanzania and elsewhere, including Congo Brazzaville where HTA recently closed a similar transaction with Airtel."
