Qatari telecoms company Ooredoo , Kuwait's Zain Group and Dubai-based TASC Towers Holding have entered into exclusive talks to create the Middle East and North Africa's largest tower company, they said in a joint statement on Monday.
" of 20,000 of its towers without elaborating on the plans, while sources close to the matter said at the time it had engaged Morgan Stanley to work on a deal.
"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," the joint statement said on Monday. "This transaction will create a potential shareholder value uplift for both Ooredoo Group and Zain Group through a more efficient capital structure."Gulf carriers, like peers elsewhere, have been divesting from tower assets to reduce infrastructure costs and focus on information and communications technology, with such deals attracting specialised tower operators looking to enter new, high-growth markets.
Zain Saudi Arabia last year moved to sell 8,069 towers to Saudi Arabia's sovereign Public Investment Fund for about $800 million, Omantel
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