Independent operating model will enhance shareholder value, and enhance the operational and carbon efficiency of passive tower infrastructure supporting the reduction of MENA’s carbon footprint
Doha, Qatar; Kuwait City, Kuwait; Dubai, UAE; 24 July 2023:
Ooredoo Q.P.S.C. (“Ooredoo”) - Ticker: ORDS announced that Ooredoo Group has entered exclusive negotiations with Mobile Telecommunications Company K.S.C.P. (Zain Group) and UAE based TASC Towers Holding to combine their approximately 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower company in a cash and share deal.
This new partnership will form the largest tower company in the MENA region. The enlarged tower company will continue to operate as an independent and standalone entity providing passive infrastructure as a service throughout the region with a focus on operational efficiencies, synergies and reduction of carbon footprint.
Both Ooredoo and Zain will retain their respective active infrastructure, including wireless communication antennas, intelligent software, and intellectual property with respect to managing their telecom networks.
This transaction will create a potential shareholder value uplift for both Ooredoo Group and Zain Group through a more efficient capital structure. Both operators are committed to executing on their respective growth strategies to unlock significant capital and maximize value for shareholders while at the same time reducing the carbon footprint within the MENA region.
The parties will proceed with negotiations on an exclusive basis with a view to signing definitive agreements in Q3 2023. Ooredoo’s tower network in Oman is following a stand-alone process.
The potential transaction remains subject to, amongst other factors, agreement on final terms, signing of definitive agreements and obtaining of all required corporate and regulatory approvals. The implementation of this transaction is expected to be executed in a customized timeline for each market considering the regulatory environment and ensuring a smooth transition for the operations.
Ooredoo is an international communications Company operating across the Middle East, North Africa, and Southeast Asia. It serves consumers and businesses in ten countries, delivering Ooredoo a broad range of content and services through its advanced, data-centric mobile and fixed networks. As of 31 December 2022, Ooredoo generated revenues of QAR 23 billion. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.
About Zain Group
Zain is a leading telecommunications operator across the Middle East and Africa providing mobile voice, data and enterprise services to over 53 million active customers as of March 31, 2023. With a commercial presence in 7 countries, Zain operates in: Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. In Morocco, Zain has a 15.5% stake in ‘INWI’, through a joint venture. Zain is listed on Boursa Kuwait (stock ticker: ZAIN).
For more information please email [email protected] or visit: www.zain.com; www.facebook.com/zain; www.twitter.com/zain; www.youtube.com/zain; www.instagram.com/zaingroup; www.linkedin.com/company/zain
About TASC Towers
TASC Towers Holding is the largest independent towerco in the MENA region. The company builds, owns, and operates passives digital infrastructure including towers, rooftop sites, and DC equipment.
For more information visit: www.tasctowers.com