Airtel had in July sold 3,100 telecom towers in four African countries to Helios Towers Africa for an undisclosed sum. The company now has around 14,500 towers left in Africa.
Telecom major Bharti Airtel is in advanced stage talks with American Tower Corporation (ATC) and Eaton Towers for selling its tower assets in several African countries, including Nigeria, Ghana and Uganda, sources aware of the development said.
The deal is believed to be in the range of USD 1.5-2 billion, sources added.
Airtel had in July sold 3,100 telecom towers in four African countries to Helios Towers Africa for an undisclosed sum. The company now has around 14,500 towers left in Africa.
When contacted, an Airtel spokesperson declined to comment.
The proceeds from the deal is likely to be used for reduction of debt. The net debt of the company at the end of June 2014 stood at Rs 57,744.3 crore.
Eaton Towers offers tower sharing on more than 1,500 towers in Ghana, Uganda and South Africa, whereas ATC too has services in these African countries.
Airtel had entered the African market in 2010 after acquiring Zain Telecom for about USD 10.7 billion. The company now offers services in 17 African countries but is yet to turn profitable.
The net loss before exceptional items for Africa during the first quarter of current fiscal stood at USD 137 million.
Airtel Africa witnessed 10 per cent growth in total revenues to USD 1,164 million for the reported quarter.
Bharti Airtel stock price
On August 19, 2014, Bharti Airtel closed at Rs 376.90, up Rs 0.55, or 0.15 percent. The 52-week high of the share was Rs 386.80 and the 52-week low was Rs 279.25.
The company's trailing 12-month (TTM) EPS was at Rs 19.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.31. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.26.
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