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Etisalat Nigeria in Talks to Sell Tower Assets

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Etisalat is reported to have hired a bank to advise it on the sale of the towers owned by its Nigerian subsidiary.

The sale, of some 2,500 towers is estimated to raise around USD400 million for the company, according to Reuters.

Citing anonymous sources, the news agency said that South Africa based Standard Bank had been hired to handle the sale due to its local presence in Nigeria. Standard Bank is in the process of helping identify potential buyers for the business, the sources added.

Likely bidders for the towers include the existing tower operators in the region, Eaton Towers, Helios Towers Africa, American Tower or IHS.

Etisalat owns a 40% stake in the Nigerian company, with the Abu Dhabi state investment fund Mubadala owning 30 percent, and Myacinth a group of Nigerian shareholders led by Hakeem Belo Osagie the Chairman the rest.

The company is in a transition phase at the moment, following the apparently sudden and very low key departure of its long serving CEO last November.

On the web: Reuters

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Tags: etisalat  Nigeria