Airtel NG sells of remaining Telecom base stations to ATC for $1.05 billion

Telecom operator Bharti Airtel has sold its 4,800 mobile towers in Nigeria to US based American Towers Company for about USD 1.05 billion in a move to pare debt. In a joint statement, Airtel and ATC announced that they have entered into an agreement "for the sale of over 4,800 of Airtel's communications towers in Nigeria." Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term, it added. The agreement has been signed between Bharti Airtel subsidiary, Bharti Airtel International (Netherlands) BV (Airtel) and ATC. ATC in a statement said: "The total consideration is expected to be approximately USD 1.05 billion, subject to customary adjustments." http://zeenews.india.com/business/news/companies/airtel-sells-mob-towers-in-nigeria-to-atc-for-1-05-bn_112600.html