Etisalat is reported to have hired a bank to advise it on the sale of the
towers owned by its Nigerian subsidiary.
The sale, of some 2,500 towers is estimated to raise around US$400 million
for the company, according to Reuters.
Citing anonymous sources, the news agency said that South Africa based
Standard Bank had been hired to handle the sale due to its local presence in
Nigeria. Standard Bank is in the process of helping identify potential buyers
for the business, the sources added.
Likely bidders for the towers include the existing tower operators in the
region, Eaton Towers, Helios Towers Africa, American Tower or IHS.
Etisalat owns a 40% stake in the Nigerian company, with the Abu Dhabi state
investment fund Mubadala owning 30 percent, and Myacinth a group of Nigerian
shareholders led by Hakeem Belo Osagie the Chairman the rest.
The company is in a transition phase at the moment, following the apparently
sudden and very low key departure of its long serving CEO last November.
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