IHS Towers has announced a deal to sell its 70 percent stake in IHS Kuwait Limited to Zain Group, with the telco taking back ownership of towers it previously sold.
According to IHS, the terms of the transaction reflect an enterprise value of $230 million for the IHS Kuwait portfolio and includes approximately 1,675 sites, plus an additional 700 sites managed in Kuwait by Zain Group.
“Today’s announcement forms part of our wider ambition to drive shareholder value and enhance our balance sheet," said Sam Darwish, chairman & CEO, IHS Towers. "The transfer of IHS Kuwait to Zain, the largest mobile network operator in Kuwait, not only highlights the significant value contained within our portfolio but will also allow us to further reduce our net leverage.”
“This agreement will enhance Zain’s Digital Infrastructure regional expansion strategy in creating capital efficiencies and driving shareholder value,” said Bader Al Kharafi, vice-chairman and group CEO at Zain.
