Read time: 3 minutes

‘Etisalat Nigeria plans selling 2,500 cell-towers’

By , IT in government editor
Nigeria , 17 Jan 2014

‘Etisalat Nigeria plans selling 2,500 cell-towers’

United Arab Emirates (UAE) headquartered telecoms provider Etisalat reportedly plans to sell 2,500 cell-towers and may use South Africa's Standard Bank to advise on the sale.

This is according to a Reuters report, which says the sale of the towers is expected to raise some $400 million for the company.

Reuters cited anonymous sources who have said Etisalat could use the South African bank for help with the sale.

Standard Bank is in the process of helping identify potential buyers for the business, Reuters sources revealed.

And the likely bidders for the towers are said to include existing tower operators in the region, Eaton Towers, Helios Towers Africa, American Tower or IHS.

The sale of the towers is seen as part of the company's transition phase following the sudden and discreet departure of its long serving chief executive officer Steven Evans last year.

Etisalat owns a 40% stake in the Nigerian company, with the Abu Dhabi state investment fund Mubadala owning 30%.

Meanwhile, Myacinth -- a group of Nigerian shareholders led by Hakeem Belo Osagie as chairman -- owns the rest of Etisalat Nigeria.

Daily newsletter