India's Bharti Airtel Ltd will sell more than 4,800 mobile phone masts in Nigeria to American Tower Corp for $1.05 billion, as part of its plan to cut costs and pare debt.Mobile operators in Africa such as Bharti Airtel have been selling masts to specialist tower firms and leasing them back to cut maintenance costs on a continent with poor access to electricity and shoddy roads.Bharti Airtel has agreed to be the anchor tenant on the masts it is selling to American Tower initially for 10 years, the companies said in a joint statement on Monday.American Tower said in a separate regulatory filing it expected the deal value to be about $1.05 billion, subject to adjustments.
American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. Shares of AMT traded higher by 1.38% or $1.39/share to $102.10. In the past year, the shares have traded as low as $75.65 and as high as $102.12. On average, 2024980 shares of AMT exchange hands on a given day and today's volume is recorded at 3030197.
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