Telecommunications company Airtel Africa said it had signed agreements to sell its telecommunications tower companies in Madagascar and Malawi to Helios Towers for $108 million.
The group’s tower portfolios in these two markets together comprise 1,229 towers which form part of the group’s wireless telecommunications infrastructure network.
Under the terms of the transactions, the group’s Airtel Africa’s subsidiaries will continue to develop, maintain and operate their equipment on the towers under separate lease arrangements, largely made in local currencies, with the Helios Towers.
As part of the deal, the company agreed to build an additional 195 sites across Madagascar and Malawi over the three years following completion, for which it would receive a further $11 million.
The proposed sales are expected to close before the end of our fiscal year 2022. Stockmarketwire