Bharti Airtel To Sell Tower Portfolio In Tanzania To American Tower

(RTTNews) - Bharti Airtel Limited said it has entered into a definitive agreement with American Tower Corporation (AMT), through its subsidiary company, Airtel Tanzania Limited, for the sale of about 1,350 of its communications towers in Tanzania.

Under the agreement, American Tower may acquire up to approximately 100 additional sites currently in development for an additional consideration. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term.

Airtel noted that the tower sale agreements allow it to focus on its core business and customers, besides helping it deleverage through debt reduction, and significantly reduce the on-going capital expenditure on passive infrastructure. The transaction is expected to close during the first half of 2016.