Zain, Kuwait’s leading mobile operator announced that it has entered an agreements to sell and leaseback the passive physical infrastructure of its mobile tower portfolio in Kuwait to IHS for $165m.
IHS, the largest independent tower operator in Europe, Middle East and Africa by tower count and the third largest independent multinational tower company globally, partners with Towershare to close the deal.
The transaction will result in the formation of a new entity that will acquire and manage Zain’s tower assets in Kuwait, with Zain assuming a minority shareholding in this newly formed entity.
Zain has more than 1,600 mobile telecommunication towers located in prime and strategic locations across Kuwait and this transaction will enable Zain to focus on its core business and customers.
Upon completion, the transaction will be the first sale and leaseback of telecom towers in the Middle East region by a licensed mobile operator, and creates the first independent tower operator of scale in the region.