Airtel signs agreement to sell off its towers in Madagascar and Malawi
The Airtel Africa Plc. has announced the signing of the agreement to sell its tower companies in Madagascar and Malawi to Helios Towers Plc.
The Airtel Africa Plc. has announced the signing of the agreement to sell its tower companies in Madagascar and Malawi to Helios Towers Plc.
Moreso, one of the telecom giants announced the agreement in a statement dated 23 March 2021, sent to the Nigerian Stock Exchange.
Airtel’s owns 1,229 towers in these two markets; they, however, form part of the company’s telecommunications infrastructure network.
The value of these assets as of 31st March 2020 was $93.7 million and the assets exclusively generated a year to 31 March 2020 profit before tax of $3.3 million.
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According to the statement sent to NSE, the company as made an agreement to also selloff its 1,000 tower assets in Chad and Gabon.
“In addition, Airtel Africa has entered into exclusive Memorandum of Understanding agreements for the potential sale of its tower assets in Chad and Gabon to the Purchaser (the “Proposed Transactions”).”
However, the CEO of Airtel Africa, Raghunath Mandava commenting on the transaction said that the Group will continue to demonstrate strong execution of its asset monetisation programme and that they look forward to expanding their partnership with Helios with the new leases, as they work together on improving mobile connectivity and infrastructure across Africa.
