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Zain to sell 2,600 towers in Jordan for $88m

Bader Al Kharafi Zain.jpg

Zain Group has announced that its operation in Jordan had entered agreed to sell and leaseback its 2,607 tower portfolio in Jordan to TASC Towers for $88 million.

The deal includes 223 sites transferring to TASC Towers on a managed basis and also allows TASC to manage Zain Jordan’s supporting facilities such as power generators, fuel tanks and protection kiosks.

Zain Group holds a 25% minority stake in TASC Towers and the agreement also allows for a minimum of 525 network sites to be built over the next five years.

Bader Al-Kharafi, Zain vice chairman and CEO said: “As a strategic shareholder, we are committed to supporting TASC Towers’ regional expansion in making it a leading operator of telecom infrastructure.” 

“The deal gives Zain Jordan greater flexibility to invest in network upgrades and cutting-edge ICT technologies to meet the ever-increasing demand for reliable broadband access and data consumption.

“It will also enhance operational efficiencies and enable a laser focus on the operator’s core business and customers to offer them the best mobile and data experience in the Kingdom of Jordan.”

Zain Jordan says it will retain its active infrastructure including wireless communication antennas, intelligent software, and intellectual property in its telecom network.

The deal follows similar announcements made by Zain Saudi Arabia, which recently sold a stake in its towers to a sovereign wealth fund.