Telecom operator Airtel has raised $1.3 billion from the sale of mobile towers in five countries in Africa to Helios Towers, IHS Holding Limited and American Tower Company, according to a notification on the Bombay Stock Exchange. The company added that the proceeds will go towards reducing the $10 billion debt used in its African operations in 2010. The company added that agreements in two countries have lapsed and that it hopes that it will complete the transactions the other six other countries. Earlier in June, Airtel said that the agreements for sale of tower assets in Tanzania and Tchad between the respective subsidiaries of Bharti Airtel Limited and Helios Towers Africa have lapsed and were terminated. Sale of towers In December 2014, Airtel sold 1,100 towers in Zambia and Rwanda to IHS Holding Limited. The agreements were conducted through Bharti Airtel International (Netherlands) BV, as per which Airtel would sell and lease back over 1100 towers from IHS in Zambia and Rwanda under a 10-year renewable contract. In November 2014, Airtel sold 4,800 towers in Nigeria to the American Tower Corporation for $1.05 billion. In September 2014, Airtel sold 3500 towers to Eaton Towers in six African nations, and in July it sold 3100 towers in four countries to Helios Towers Africa. The Helios Towers deal was valued at $2 billion. Airtel Africa voice revenues under pressure Airtel Africa reported revenues of Rs 6215.3 crore for the quarter ended March 31, 2015, down 12% from Rs 7062.3 crore in the same quarter last year. It posted EBITDA…
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