Airtel Africa Plc has announced the first closing of the transaction to sell its telecommunications tower company in Madagascar to Helios Towers plc, a leading independent telecommunications infrastructure company in Africa
The gross consideration for the transaction will be $51.7m. Under the terms of the transaction, the Group’s Airtel Africa’s subsidiary will continue to develop, maintain and operate its equipment on the towers under separate lease arrangements, largely made in local currencies, with the purchaser.
The proceeds from the transaction will be used to reduce Group external debt and to invest in network and sales infrastructure in Madagascar.