Abu Dhabi – Mubasher: Emirates Telecommunications Corp. (Etisalat) said it completed a sale-and-leaseback deal of its telecommunications towers in Nigeria, allowing its subsidiary in the African country to enhance its coverage and reduce its costs.
The deal involves the sale of 555 towers to telecom infrastructure group IHS and leasing them back, a statement revealed. Meanwhile, IHS did not disclose the value of the deal.
The agreement which was announced in August last year also involved the transfer of 2,136 telecom tower sites from Etisalat.
Following the conclusion of the transaction, IHS will have under its management about 15,500 towers in Nigeria and a total of 23,100 towers across Africa, IHS added.
