Airtel Africa PLC and Helios Towers PLC on Friday confirmed that the agreement relating to the potential sale of Airtel’s passive infrastructure assets in Chad expired and would not be renewed but the sale of Airtel’s passive infrastructure operating company in Malawi is progressing.
The sale of Airtel Africa’s infrastructure assets and operating companies in Madagascar, Malawi, Chad and Gabon to Helios Towers was first announced on March 23, 2021.
It consisted of two separate agreements, with one covering the acquisitions of passive infrastructure operating companies in Madagascar and Malawi for $108 million. The second one was a memorandum of understanding for the potential sale of tower assets in Chad and Gabon.
London-based and Africa-focused telecommunications provider Airtel Africa said that the companies extended the memorandum of understanding arrangement for the sale of assets in Gabon. Airtel Africa noted completion is still subject to Helios Towers obtaining a passive infrastructure licence, but the deal should close in the second half of 2022.
It continued that the memorandum of understanding arrangement relating to tower assets in Chad expired, and that the parties mutually agreed not to renew it.
Helios, separately, added that it continues to progress with the acquisition of Airtel Africa’s passive infrastructure operating company in Malawi.
The London-based telecommunications provider noted that the sale is expected to close in the first half, subject to completing the remaining customary closing conditions. This includes obtaining required regulatory approval.
The acquisition of Airtel Africa’s passive infrastructure operating company in Madagascar was closed in November.
Helios said it will provide details on the integration of the acquisitions and organic growth performance with its full-year results on March 17.
Shares in Airtel Africa were up 2.6% at 142.48pence each on Friday morning in London. Helios Towers was trading 0.4% lower at 140.01 pence each.
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