Bharti Airtel International (Netherlands) BV, a subsidiary of Bharti Airtel, has signed a deal to sell around 4,800 telecom towers in Nigeria to American Tower Corporation (ATC) for approximately $1.05 billion. Following the deal, Bharti Airtel will become the primary tenant for ATC?s tower infrastructure in Nigeria for an initial period of 10 years. However, the deal is subject to customary closing conditions and regulatory approval and will reportedly be completed by the first half of 2015.
With the completion of the deal, ATC, which has a worldwide portfolio of around 70,000 telecom towers, would commence its operations in Nigeria.
The move is in line with the Airtel?s plans to reduce its capital expenditure on passive infrastructure in Africa and focus on its core business. Earlier in September 2014, the company had announced plans to sell 3,500 towers across six African countries to Eaton Towers to reduce its expenditure.
