Airtel Nigeria May Sell Nigeria Tower Business To Offset Debt

 Indications have emerged that Indi telecommunications service provider, Bharti Airtel may sell off its towers in Nigeria for about $550m in the first quarter of the year to streamline debt.

“The company wants to finish the Nigeria tower sale by March 2014 to be able to sell the other towers in Africa but the timeline of the completion of the sale hinges on the valuation that they are able to get,” a source familiar with the development explained.

Another source told CNBC-TV18 that local tower companies like Helios Tower & IHS are in advanced stages of preparing bids for the Nigerian tower portfolio.

“Both players are also talking to investors to get funding of about $200-250 million for the bid,” the source said. http://www.ventures-africa.com/2014/01/airtel-may-sell-nigeria-tower-business-to-offset-debt/