Airtel Africa to make $51.7m from sales of telecom tower

Airtel Africa, a leading telecommunications company with presence in 14 countries across the African continent, has announced the first closing of the transaction to sell its telecommunications tower company in Madagascar to Helios Tower Plc.

According to a statement signed by the Group Company Secretary, Simon O’Hara, and made available on the website of the Nigerian Exchange Limited (NGX), Airtel Africa will receive about $51.7 million for the deal.

Until final completion of sales, Airtel Africa will continue to develop, maintain and operate their equipment in the towers under a separate lease agreement with Helios Towers (the purchaser).

The lease agreement will be separate from the sale agreement and payments will be made in local currencies by Airtel’s operating entities in the jurisdiction.

In addition, the teleco giant noted that the net proceeds from the deal will be used to reduce the Group’s external debt and to invest in its network and sales infrastructure in the host country (Madagascar).

Earlier in March this year, Airtel Africa had announced the signing of an agreement with Helios Towers Plc to sell its tower companies in Madagascar and Malawi.