Bharti Airtel Ltd. has completed the sale of about 4,700 towers in Nigeria to Boston-based company, American Tower Corp. The phone towers operator had in November agreed to pay Bharti $1.05 billion for the deal.
Bharti has also completed the sale of mobile-phone towers in four other African countries, helping it reduce its debt.
Agreements to sell towers in two other African nations have lapsed, and transactions in six other countries on the continent are progressing, the New Delhi-based company said in a statement to the stock exchange. Bharti, which has operations in 17 nations in Africa, didn’t specify which deals had been completed.
India’s largest mobile-phone operator had announced agreements to sell tower assets in 13 African countries to help it cut costs. Bharti’s business on the continent has struggled due to a plunge in oil and commodity prices and regulatory hurdles. Read more
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