Indonesia-based Indosat Ooredoo lined up the sale of 3,100 mobile towers to Dayamitra Telekomunikasi, known as Mitratel, and Profesional Telekomunikasi Indonesia (Protelindo).

The sale and lease deal will net the operator IDR6.39 trillion ($450.9 million), with 2,100 towers going to Mitratel and the remainder to Protelindo.

Terms of the agreement will see Indosat Ooredoo, the third-largest mobile operator in Indonesia, lease back the towers for ten years.

Payment will be made entirely in cash upon completion of the transaction, Indosat Ooredoo said in a statement.

Ahmad Al Neama, president director and CEO of the company, said the transaction would allow Indosat Ooredoo to “accelerate the implementation of our strategy, and especially to continue to improve the best experience for our customers”.

“We have placed a high-quality portfolio with two of Indonesia’s leading telecommunications tower providers and will lease back on attractive terms to meet our development needs in a sustainable manner.”

Mitratel MD Herlan Wijanarko said the tower industry will continue to grow in line with the development of mobile technology and services.

In its own statement, Protelindo announced it will pay IDR1.95 trillion for the towers, with the deal adding around 1,850 tenants to its portfolio.

President director and CEO Ferdinandus Aming Santoso said the deal strengthens Protelindo’s position as Indonesia’s largest tower operator, adding to the “nearly 20,000 towers and more than 32,000 tenants” it currently serves.

Indosat Ooredoo shareholders will have their say on the deal at an EGM on 21 November, with the transactions due to close by the year-end.