Bharti Airtel Cancels Deal to Sell Towers in Africa

Bharti Airtel has announced that a deal to sell more than 3,500 towers it owns in six African countries has broken down.

Back in September 2014, the firm announced that it would sell the towers to Eaton Towers and had a 10-year lease-back agreement with the tower operator.

As recently as a month ago, the two companies were confident the deal would be consummated.

Eaton Towers currently owns and operates towers in Ghana, Uganda and South Africa. The deal would have expanded its coverage in Africa to 7 countries with over 5,000 towers

In a stock market statement, the company said that the agreements between Bharti Airtel Malawi Holdings B.V. and Eaton Towers (Lilongwe) has lapsed and therefore stands terminated.

No other details were disclosed.

Airtel has already sold its towers in Nigeria, Uganda, Ghana, Rwanda and Congo Brazzaville for USD1.3 billion.