AIRTEL Africa has announced the first closing of the transaction to sell its telecommunications tower assets in Tanzania to a joint venture company for N76 trillion ($176.1million).
In a statement sent to the Nigerian Exchange, the company said the buyers consisted of a wholly-owned subsidiary of SBA Communications Corporation, a leading global independent owner and operator of wireless communications infrastructure, as majority owner; and Paradigm Infrastructure Limited, a UK company focused on developing, owning and operating shared passive wireless infrastructure in selected growth markets.
According to the statement, “The gross consideration for the transaction will be $176.1 million. Under the terms of the transaction, Airtel Africa’s subsidiary in Tanzania will continue to develop, maintain and operate its equipment on the towers under separate lease arrangements, largely made in local currencies, with the Purchaser.
“With first closing, approximately $159 million of the proceeds for the transaction has now been paid, with the balance payable in instalments upon the completion of the transfer of remaining towers to the Purchaser.
It added that the balance of the proceeds would be used to reduce debt at the group level.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…
Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train
The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…
[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General Taiwo
The Lagos State Judicial Panel of Inquiry probing the killings at Lekki Toll Gate, on Saturday resumed viewing of the 24hrs footage of the October 20, 2020 shooting of #EndSARS protesters by personnel of the Nigerian Army…
ICYMI: How We Carried Out The 1993 Nigerian Airways Hijack —Ogunderu
On Monday, October 25, 1993, in the heat of June 12 annulment agitations, four Nigerian youngsters, Richard Ajibola Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Razak-Lawal, did the unthinkable! They hijacked an Abuja-bound aircraft, the Nigerian Airways airbus A310, and diverted it to Niger Republic. How did they so it? Excerpts…
Sahabi Danladi Mahuta, a community mobiliser and APC chieftain. Mahuta spoke to select journalists at the sidelines of an Islamic conference in Abuja recently. Excerpts…