Bharti Airtel on Monday said it has sold over 1,100 telecom towers in Zambia and Rwanda to IHS Holding, its fourth such deal since July this year in the African market, aimed at paring debt.
A joint statement said: “Bharti Airtel through its subsidiary company Bharti Airtel International (Netherlands) and IHS Holding today announced an agreement under which IHS will acquire over 1,100 telecom towers across two (African) countries.”
As part of the 10-year renewable contract, Bharti Airtel will lease back the towers from IHS. Though the company did not share the financial details of the deal, investment bankers said it could be $180-200 million.
Bharti Airtel entered Africa in 2010 with the acquisition of Zain Telecom for about $10.7 billion.
Last month, Bharti sold 4,800 communication towers to American Tower Corporation in Nigeria in an effort to cut debt. American Tower and Airtel are expected to close the deal during the first half of 2015, subject to regulatory approvals. According to reports, American Towers values the deal at around $1.05 billion, subject to adjustments.
In September this year, Bharti sold its African telecom tower assets to Eaton Towers. The company signed a 10-year contract to sell and lease back over 3,500 towers to Eaton in six countries.