Etisalat Nigeria hires Standard Bank to advise on USD 400mn asset sale - report [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Mobile operator Etisalat Nigeria, a subsidiary of United Arab Emirates' telecoms group Etisalat, hired South Africa-based Standard Bank to advise on the planned sale of its transmitter towers, Reuters reported, quoting three unnamed banking sources. Etisalat Nigeria is considering to sell its towers in a deal that was estimated at some USD 400mn.
Standard Bank, Africa's largest lender, was hired due to its local presence and expertise and should help Etisalat to identify potential buyers for the 2,500 towers it owns in Nigeria.
Etisalat had a market share of 13% in Nigeria as of end-June 2013. Standard Bank currently operates in 18 countries on the African continent, including South Africa.
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