Airtel Africa Sells Tower Portfolio in Tanzania for About $175m

Airtel Africa sells Airtel Tanzania’s tower portfolio to a joint venture owned by a subsidiary of SBA Communications Corporation as majority owner and by Paradigm Infrastructure Limited, according to a statement.

* About $157.5m is payable on the first closing date which is expected to take place in 2H of the group’s current FY
** Balance is payable in installments upon the completion of the transfer of any remaining towers to the purchaser
* Around $60m from the proceeds will be used to invest in network and sales infrastructure in Tanzania and for distribution to the government of Tanzania
** Balance of the proceeds will be used to reduce debt at group level

Source: Bloomberg