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Shares of the Bharti Airtel rose to 2% on Tuesday after the company announced that they have entered into an agreement, for the sale of over 4,800 of Airtel's communications towers in Nigeria.
Airtel will be the anchor tenant on the portfolio under a lease with a ten‐year initial term, the company said in the statement.
The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on‐going capital expenditures on passive infrastructure in Nigeria.
American Tower and Airtel expect to close the acquisition during the first half of 2015, subject to customary closingconditions and regulatory approval.
Shares of the company were seen trading at Rs 403 up by 1.09% or 4.35 points on BSE at 11.30 am IST. It touched an intra-day high of Rs 408.20.
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