International Finance

Zain to sell over 2600 towers in Jordan to TASC Towers for $88 mn


Zain Telecom announced its decision to sell around 2600 of its towers in Jordan to TASC Towers in a deal worth $88 million, media reports said. Zain Telecom has announced a 15-year agreement to sell and leaseback the passive physical infrastructure of its 2,607 towers.

Bader Nasser Al-Kharafi, Vice-Chairman and Group CEO of Zain Group told the media, “This deal is consistent with Zain’s ‘4Sight’ strategy to create significant value for shareholders through the unlocking of capital and optimization of infrastructure assets which will flourish under the management of an independent team.

“As a strategic shareholder, we are committed to supporting TASC Towers’ regional expansion in making it a leading operator of telecom infrastructure.”

As per the deal, TASC Towers will also manage Zain Jordan’s supporting facilities such as power generators, fuel tanks, and protection kiosks. Zain Group holds a 25 percent share in TASC Towers. The deal also includes an agreement for a minimum of 525 network sites to be built over the next five years.

Last week it was reported that Zain Kuwait received a non-binding $1.3 billion offer for its Sudanese business from a subsidiary of Sudan’s DAL Group. According to a bourse filing, Zain agreed to complete due diligence on the offer.

The offer is from Invictus Holding Ltd., which is a subsidiary of Dal Group, and it does not include Zain South Sudan.

Earlier this year, Zain Kuwait announced the launch of its venture capital arm, Zain Ventures. During the same period, it was also announced that Zain Ventures will invest in Dubai-based mobility startup Swvl and American fintech Pipe.

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