Etisalat eyes sale of African towers, report says

2 Feb 2012

UAE telecoms operator Etisalat is looking to sell its tower operations in Africa, in a process that could raise up to USD600 million, according to a report by Dow Jones Newswires which cites people familiar with the matter. The company has hired Standard Chartered to advise on the potential deal, one of the unnamed sources said, while another added that Etisalat is planning to sell about 4,000-5,000 towers and expects to generate between USD500 million and USD600 million. The sale is expected to be on a country-by-country basis, with Etisalat’s towers in Tanzania expected to be the first to be sold; the sell-off could take place by the end of the first quarter, the sources said.

Tanzania, Etisalat UAE, Zanzibar Telecommunication (Zantel)