8.5 C
New York
November 21, 2024
1st Afrika
BUSINESS

Airtel Deal To Sell Over 3,500 Towers in Africa Collapses

Bharti Airtel today said the deal to sell over 3,500 telecom towers in Africa to Eaton Towers has lapsed and stands terminated.

“The agreements for sale of tower assets in Africa between Bharti Airtel Malawi Holdings B.V. & ors. and Eaton Towers (Lilongwe) Ltd & ors. has lapsed and therefore stands terminated,” Bharti Airtel said in a regulatory filing.

Last year in September, Airtel announced that it has sold over 3,500 telecom towers in Africa to Eaton Towers.

As part of the deal, Airtel was to sell and lease back over 3,500 towers to Eaton in 6 countries across its African operations under a 10—year contract.

The company had said the agreement would allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction, and would significantly reduce its on—going capital expenditure on passive infrastructure.

Shares of Bharti Airtel were trading at Rs. 344.85, down 1.88 per cent from previous close on BSE.

 

Related posts

Ghana’s Parliament Approves $250M World Bank Loan for Energy Sector Recovery After Initial Rejection

Jide Adesina

The Hidden Cost of Digital Transformation: How Efficiency Can Undermine Customer Experience

Eniola Oladele

Categorized | African News, Morocco News Climate change’s potential impact must figure in food production efforts / FAO at agriculture forum lauds Morocco for achieving MDG 1, signs South-South Cooperation accord

Jide Adesina

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More