Ooredoo and Zain Group (listed on the Kuwait Stock Exchange) announced; Announced the signing of final agreements between Ooredoo Group, Zain Group, and TASC Towers Holding (“TASC”) to establish the largest tower company in the Middle East and North Africa region, owned by cash and shares between the three parties.
The expanded tower company will include approximately 30,000 towers, with a current combined estimated value of the project amounting to approximately 2.2 billion US dollars. Ooredoo and Zain will own equal shares of 49.3% each in the restructured company, through an asset and cash equalization process. While TASC's founders will retain the remaining stake, through Digital Infrastructure Asset LLP, and will manage the company's operations.
The restructured tower company is expected to achieve operating rate revenues of approximately US$500 million annually, with post-lease EBITDA of more than US$200 million annually, after completing the requirements for closing the deal in all countries, including Qatar and Kuwait. Jordan, Iraq, Algeria and Tunisia. This financial situation supports the promising and profitable prospects of the restructured Al-Abraaj Company.