Bharti Airtel Group announced on Tuesday (March 23rd) that it had sold its telecommunications towers to African mobile network operator Helios Towers in Madagascar and Malawi. The deal is estimated at $ 108 million and closing is expected to close between October and December 2021.
In its press release, the group points out that it has signed two separate agreements with the UK-based telecommunications company. These agreements have been entered into for both jurisdictions, and will be subject to customary closing conditions including regulatory approval.
Commenting on the transaction, Airtel Africa CEO Raghunath Mandava said the group will continue to demonstrate strong execution of its asset monetization program. Its structure, underlines the official, will extend its partnership with Helios, in particular the improvement of mobile connectivity and the development of infrastructure in Africa.
Note that Airtel has 1,229 towers on the market in Madagascar and Malawi. These telephone antennas are part of the company’s telecommunications infrastructure network.
As of March 31, 2020, the value of these assets was $ 93.7 million. They exclusively generated a pre-tax profit of $ 3.3 million for one year in the same period of the year under review.
For its part, Helios Towers Plc is a leading independent telecommunications infrastructure company in Africa. The company listed on the London Stock Exchange is present in many African countries including Ghana, Congo, DRC, Tanzania, Senegal and South Africa.