Ooredoo, Zain and TASC Towers create largest $2.2bn tower company in Mena region – Gulf Times

Ooredoo, Zain and TASC Towers create largest $2.2bn tower company in Mena region – Gulf Times

Ooredoo MD and Group CEO Aziz Aluthman Fakhroo and Zain vice-chairman & Group CEO Bader al-Kharafi during the signing ceremony.

Ooredoo and Mobile Telecommunications Company (Zain Group) have announced the signing of definitive agreements between Ooredoo Group, Zain Group, and TASC Towers Holding (TASC) to create the largest tower company in the Mena region in a cash and share deal.The enlarged tower company, comprising approximately 30,000 towers, has a combined estimated current enterprise value of $2.2bn. Ooredoo and Zain will equally retain a substantial stake of 49.3% each in the newly restructured entity, through an asset and cash equalisation process. The founders of TASC will retain the remaining shareholding, through Digital Infrastructure Assets, and will continue to manage the business operations.The tower entity is expected to achieve run-rate revenues close to $500mn annually, with an EBITDAaL (after leases) of more than $200mn annually upon the completion of closings in all individual countries, including Qatar, Kuwait, Jordan, Iraq, Algeria, and Tunisia. This financial position underpins the promising prospects and profitability of the newly restructured tower company.The signing of this landmark transaction constitutes a major milestone towards realising key aspects of both Ooredoo and Zain’s strategies, focused on evolving into smart