Bharti Airtel announced on Friday that the deal to sell telecom towers in Africa to Eaton Towers has lapsed and stands terminated in Malawi.
Last year in September, Airtel announced that it has sold over 3,500 telecom towers in Africa to Eaton Towers.
As part of the deal, Airtel was to sell and lease back over 3,500 towers to Eaton in six countries across its African operations under a 10-year contract.
“The agreements for sale of tower assets in Africa between Bharti Airtel Malawi Holdings B.V. & ors. and Eaton Towers (Lilongwe) Ltd & ors. has lapsed and therefore stands terminated,” Bharti Airtel said in a regulatory filing.
While announcing the tower sale deal, Bharti Airtel had said the agreement would allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction, and would significantly reduce its on-going capital expenditure on passive infrastructure.
Shares of Bharti Airtel were trading at Rs 345.20, down 1.78% from previous close on BSE.