Bharti Airtel has sold off its tower assets in five African countries for over $1.3 billion, according to EconomicTimes.
The sale, according to the report, was necessitated by a need to reduce the $10.64 billion debt the company has incurred to run its operations on the continent.
The sale of the tower assets comes after the company had announced that it would divest its tower assets in 13 African countries to different tower companies. So far, Airtel has sold off these assets in Nigeria, Uganda, Ghana, Rwanda and Congo Brazzaville while it will move on to sell off in six more African countries as discussions over its tower assets in two others have lapsed.
“We hope to have the finality in the coming few months on the transactions proposed, subject to availability of all approvals and completion of the conditions precedent,” the company said in a media statement.
Airtel has reportedly not made any profit since it began operating on the continent and the company is set to sell off 12,500 of its towers in Africa to companies including Eaton, American Tower Corp and IHS.
