Nigerian affiliate of Etisalat to sell 2,136 towers to Nigeria’s IHS

August 12, 2014 1:05 am

The Nigerian affiliate of Etisalat, announced it would put up for sale 2,136 of its towers to Nigeria’s IHS and lease them back as part of plans to expand its coverage in the country, Trade Arabia reported. The deal, for which a financial value was not given, is expected to close later this year, Etisalat Nigeria said in a statement. Banking sources told Reuters late last year that the deal might raise about $400m. Under terms of the agreement, IHS committed to investing a further $100 million in the towers, on areas such as advanced generators and efficient batteries. The deal will leave IHS owning and managing over 6,540 towers in Nigeria.