Airtel Africa has sold its tower units in Madagascar and Malawi to Helios Towers Plc for around $108 million.

Further, the telco has inked separate pacts with Helios Towers Plc for the potential sale of its tower assets in Chad and Gabon by end of FY2022.

According to industry sources, the combined value of the tower asset deals across the four African markets is estimated at around $250 million. The funds would be used to reduce Airtel Group debt and invest in network and sales infrastructure in the respective operating countries.

The Madagaskar and Malawi tower deals are likely to close in or around the fourth quarter (Q4) of 2021.

Airtel Africa’s towers portfolio in Madagascar and Malawi comprise 1,229 towers, while it has another 1000-odd across Chad and Gabon. Further, the telco added that as part of the Madagascar and Malawi transactions, it would build an additional 195 sites in these markets over the three years following completion, for which a further $11 million of consideration is payable.