Bharti Airtel to sell tower portfolio in Tanzania

To Amercan Tower Corporation

Bharti Airtel has entered into a definitive agreement with American Tower Corporation through its subsidiary company, Airtel Tanzania, for the sale of approximately 1,350 of its communications towers in Tanzania.

Under the agreement, American Tower may acquire up to approximately 100 additional sites currently in development for an additional consideration. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term.

The transaction is expected to close during the first half of 2016, subject to customary closing conditions and regulatory approval.

The tower sale agreements allow Airtel to focus on its core business and customers, besides helping deleverage through debt reduction, and significantly reducing the on-going capital expenditure on passive infrastructure.

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