The tower company, comprising of around 30,000 tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan is expected to achieve run-rate revenues of close to $500 million annually, with EBITDAaL of more than $200 million annually.
Zain and Ooredoo will retain a 49.3% share in the newly formed venture with TASC’s founders retaining the rest.
In a joint statement, Aziz Aluthman Fakhroo, MD and Group CEO, Ooredoo; Bader Al-Kharafi, Zain vice-chairman and Group CEO; and Iyad Mazhar, founder and CEO of TASC said: “This pioneering deal embarks us on an exciting journey together as it results in the establishment of the region’s largest independent Tower company, placing the MENA region on the world telecom tower map.
“It also positions the region as an advanced player in the global telecoms landscape, and we anticipate wide-ranging positive implications for the region – from economic growth and upgraded connectivity to technological improvements and increased global relevance.”
Both Ooredoo and Zain will retain their active infrastructure including wireless communication antennas, intelligent software and intellectual property.
The deal is expected to close in 2024.
Capacity’s sister company TowerXchange has the backstory and what this means for this region.
