Airtel looking to cash-in on its US$3 billion tower infrastructure in Africa

Bharti Airtel is said to be close to a deal that would see its sell its tower assets in Africa for as much as US$3 billion. The funds are expected to be used to help bring the company’s debt down to more manageable levels.

Up to US$2 billion of the sale proceeds will be used to retire debt, with the rest being used for network upgrades.

Paying down the debt could boost pre-tax profits by around US$100 million. Airtel would still be left with debts of around US$8.4 billion.

Four companies, Helios Towers Africa, IHS, American Tower and Eaton Towers are said to have been shortlisted for the deal, which would include the tower assets in most of the 17 African countries that Airtel operates in.

Airtel owns around 15,000 towers on the continent.