StockMarketWire.com - Telecommunications company Airtel Africa said it had sold a tower portfolio belonging to Airtel Tanzania to a joint venture company owned by a wholly-owned subsidiary of SBA Communications for $175 million.

Under the terms of the transaction, the group's subsidiary Airtel Tanzania would continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the SBA Communications.

Around $60m million of the proceeds would be used to 'invest in network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania,' the company said.

'The balance of the proceeds will be used to reduce debt at group level.'




At 9:50am: [LON:AAF] Airtel Africa PLC share price was 0p at 74.8p



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