Zain the Kuwaiti telecoms firm and leading mobile voice and data services operator with a commercial footprint in 7 Middle Eastern and African countries with a workforce of over 7,400, said it new deal with Qatar’s Ooredoo and Dubai’s TASC Towers would have a positive impact on its operational growth. The deal will be combining the three tower assets into a $2.2 billion entity. This was revealed on Tuesday in an agreements signed by the conglomerates to combine their tower assets into an entity.
The development was part of Arab nation’s ambitious drive to create the Middle East and North Africa’s largest tower company. An agreement that will
Cluster 30,000 tower assets cutting across Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan. With an estimated enterprise value of $2.2 billion through an “asset and cash equalisation process” between Zain and Ooredoo that would give both companies a 49.3% share.
The transaction is expected to be sealed in 2024, after meeting all necessary regulatory requirements.
When the deal sailed through, it will boost the region economic growth and connectivity to technological improvements and increased global relevance. With an estimation revenues of over $500 million annually.
According to the executives from the three companies
“The deal will position the firms as an advanced players in the global telecoms landscape, to compete with emerging innovations in the Telecoms industry.