Airtel Africa PLC First Closing of Tower Sale in Tanzania (4087X)
January 05 2022 - 12:59AM
UK Regulatory
TIDMAAF
RNS Number : 4087X
Airtel Africa PLC
05 January 2022
Airtel Africa plc
('Airtel Africa', or the 'Group')
First Closing of Tower Sale Transaction in Tanzania
London and Lagos, 5 January 2022: Airtel Africa, a leading
provider of telecommunications and mobile money services, with a
presence in 14 countries across Africa, today announces the first
closing of the transaction to sell its telecommunications tower
assets in Tanzania to a joint venture company (the 'Purchaser')
owned by a wholly-owned subsidiary of SBA Communications
Corporation, a leading global independent owner and operator of
wireless communications infrastructure, as majority owner, and by
Paradigm Infrastructure Limited, a UK company focused on
developing, owning and operating shared passive wireless
infrastructure in selected growth markets.
The gross consideration for the transaction will be $176.1m.
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 $159m 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. Around $60m from the proceeds will be used to
invest in network and sales infrastructure in Tanzania and for
distribution to the Government of Tanzania, as per the settlement
described in the Airtel Africa IPO Prospectus document published in
June 2019. The balance of the proceeds will be used to reduce debt
at Group level.
-ENDS-
Enquiries
Airtel Africa - Investor Relations
Pier Falcione +44 7446 858 280
Morten Singleton +44 7464 830 011
Investor.relations@africa.airtel.com +44 207 493 9315
Hudson Sandler
Nick Lyon
Bertie Berger
airtelafrica@hudsonsandler.com +44 207 796 4133
About Airtel Africa
Airtel Africa is a leading provider of telecommunications and
mobile money services, with a presence in 14 countries in Africa,
primarily in East Africa and Central and West Africa.
Airtel Africa offers an integrated suite of telecommunications
solutions to its subscribers, including mobile voice and data
services as well as mobile money services both nationally and
internationally.
The Group aims to continue providing a simple and intuitive
customer experience through streamlined customer journeys.
www.airtel.africa
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