(MENAFN) India's Bharti Airtel has sold 4,800 telecom towers in Nigeria to American Tower Corporation, the two companies said, QNA reported.
The deal worth USD1.05 billion, according to a filing by American Tower in the United States Securities and Exchange Commission.
"On Nov 24, 2014, the company issued a joint press release with Bharti Airtel Limited announcing the entry into a definitive agreement, through Bharti Airtel Limited's subsidiary company, Bharti Airtel International (Netherlands) BV, under which the company will acquire over 4,800 of Airtel's communications towers in Nigeria. The total consideration is expected to be approximately $1.05 billion, subject to customary adjustments," the filing said.
However, Airtel will be the anchor tenant on the portfolio under a lease with a 10-year initial term, the joint statement said.
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