Ooredoo eyes tower spin-off

Ooredoo eyes tower spin-off

Towers NEW .jpeg

Qatar’s Ooredoo QPSC plans to carve out its portfolio of tower networks this year, according to a report from Bloomberg.

In an interview with Bloomberg, Aziz Aluthman Fakhroo said the company was in final stage talks with investors in its towers.

The firm has already been contacted by at least 50 regional and international bidders and is currently in the final round of talks, said Fakhroo, who said the company is hoping to announce something before the end of the first half of this year.

The potential deal has reportedly drawn interest from Saudi Arabia’s wealth fund and American Tower Corp.

Capacity reported in September that the company was considering a sale of its towers network.

Ooredoo has businesses across several markets in the Middle East, Southeast Asia and North Africa.

Last year it unveiled plans to sell off its Myanmar unit for around US$576 million and that deal was thought to be part of a wider plan to restructure its assets.

The Middle Eastern firm says it is committed to investing up to US$1 billion in its data centres over the next five years.