Axiata Group Bhd, through its wholly-owned subsidiary Edotco Pakistan (Private) Ltd (edotco PK), has entered into an agreement for the subscription of sale and purchase of shares (SPA) with Tower Share (Private) Ltd (TS PK) and Tanzanite Power Private Ltd (TTPL) for the subscription of 899,900 ordinary shares of Rs10 each in TTPL.
In an exchange filing today, the telecommunication company also noted the acquisition from TS PK of the entire issued share capital of TTPL for a total cash consideration of USD90.0 million.
The company said the transaction allows edotco to expand its presence in Pakistan with a sizeable portfolio of about 700 towers with a strategic split of 97 per cent urban and 3 per cent rural providing tenancies to all major operators in Pakistan.
“This opportunity is in line with edotco’s plans to scale up its Pakistan operations and makes it the largest independent tower company in the country,” it said.
Incorporated in 2008 and headquartered in Islamabad, TS PK is a wholly-owned subsidiary of Towershare Inc., a leading regional independent owner and operator of wireless communications infrastructure focusing primarily in the Middle East, North Africa and South Asia (or MENASA markets).
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Zain Group said it has entered into definite agreements to sell and lease back the passive physical infrastructure of its mobile tower portfolio in Kuwait for USD 165 million to IHS Holding (IHS), in partnership with Towershare Management (Towershare). The transaction will result in the formation of a new entity that will acquire and manage Zain’s tower assets in Kuwait, with Zain assuming a minority shareholding in this newly formed entity.
The transaction has been approved by Kuwait’s Communication and Information Technology Regulatory Authority (CITRA), and is still subject to other regulatory and statutory approvals, and is expected to close in the first quarter of 2018. IHS, which is the largest independent tower operator in Europe, Middle East and Africa by tower count, is the third largest independent multinational tower company globally.
Zain has more than 1,600 mobile telecommunication towers located in prime and strategic locations across Kuwait and this transaction will enable Zain to focus on its core business and customers while accelerating Zain’s investments in cutting edge telecom technologies to help meet growing mobile data demand. Under the terms of the transaction, Zain is selling only its passive, physical infrastructure to the new company and will retain its intelligent software, technology and intellectual property with respect to managing its network.
Upon completion, the transaction will be the first sale and leaseback of telecom towers in the Middle East region by a licensed mobile operator, and creates the first independent tower operator of scale in the region.
This transaction is part of IHS’ broader strategy to apply its operational expertise from its international portfolio further throughout emerging markets. The newly formed entity will be responsible for maintaining and expanding Zain’s tower footprint across Kuwait. Citigroup acted as exclusive financial advisor to Zain on this transaction.
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Mobile Telecommunications Company Saudi Arabia (Zain) announces the latest developments related to exploring the sale of its passive tower infrastructure, which Zain had previously announced on 22 December 2016. The Board of Directors on 06 August 2017 decided to enter into exclusive negotiations with a consortium led by IHS Holding Limited and Towershare Management Limited for the sale and lease back of its towers. Such exclusivity has been granted for a limited period, ending 28 September 2017 and supersedes all prior arrangements.
There is no binding agreement and there is no certainty that discussions with this consortium will lead to a transaction. Should the transaction proceed, it will be subject to approval from Regulatory Authorities, including Communications and Information Technology Commission (CITC) and the respective companies involved. Zain Saudi Arabia will make further announcements regarding material changes, if any.
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