UAE’s Etisalat has reportedly hired Johannesburg-based Standard Bank for advice on the planned sale of its telecoms towers in Nigeria.
The bank is working on identifying potential buyers for the 2,500 sites, estimated to be worth around US$400m,…
UAE’s Etisalat has reportedly hired Johannesburg-based Standard Bank for advice on the planned sale of its telecoms towers in Nigeria.
The bank is working on identifying potential buyers for the 2,500 sites, estimated to be worth around US$400m, Reuters reports citing three banking sources.
Etisalat was not immediately available for comment.
In October last year, a telecoms banker with knowledge of the situation told TelecomFinance that Etisalat had approached several banks with a request for proposal (RFP) for advice on a sale. He also named Africa’s four main tower companies – Eaton, Helios, American Tower, and IHS – as potential buyers.
Etisalat Nigeria is the fourth-largest mobile operator in the country.
The African tower market has seen a flurry of activity in the past year, the most recent deal being the sale of South African group MTN’s tower portfolio to IHS in Rwanda and Zambia in December.
