American Tower to buy Bharti Nigeria phone masts for $1.1 billion MUMBAI (Reuters) - Bharti Airtel Ltd (BRTI.NS) will sell more than 4,800 mobile phone masts in Nigeria to American Tower Corp (AMT.N) for $1.05 billion, as part of its plan to cut costs and pare debt. Mobile operators in Africa such as Bharti Airtel have been selling masts to specialist tower firms and leasing them back to cut maintenance costs on a continent with poor access to electricity and shoddy roads. Bharti Airtel has agreed to be the anchor tenant on the masts it is selling to American Tower initially for 10 years, the companies said in a joint statement on Monday. American Tower said in a separate regulatory filing it expected the deal value to be about $1.05 billion, subject to adjustments. The companies expect to close the deal during the first half of 2015, they said. LEARN MORE .... ---------------------------------------------- Please LIKE facebook/ukayacademy page if you have not already done so. Feel free to COMMENT and SHARE.
Posted on: Tue, 25 Nov 2014 08:00:01 +0000
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