American Tower Corp has agreed to buy more than 4,800 communications towers in Nigeria from Bharti Airtel Ltd, the companies said on Monday. The deal value was, however, not disclosed.
Bharti Airtel is India's top telecommunications company. The company which also operates in Africa, will be the anchor tenant on the towers initially for 10 years, the two companies said in a joint statement.
The companies expect to close the deal during the first half of 2015. Nigeria is Bharti Airtel's biggest market in Africa.
This move by Airtel is in a bid to cut costs.
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