• About Us
  • Advertising
  • Digital Magazine
  • Supplements
  • Media Pack
  • Privacy Policy
  • Contact us
CXO Insight Middle East
  • News
  • Opinion
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
    • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CXO50 Oman
    • CXO50
    • ICT Awards
      • Dubai 2025
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2024
    • All events
  • GITEX
  • Digital Magazine
No Result
View All Result
CXO Insight Middle East
  • News
  • Opinion
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
    • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CXO50 Oman
    • CXO50
    • ICT Awards
      • Dubai 2025
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2024
    • All events
  • GITEX
  • Digital Magazine
No Result
View All Result
CXO Insight Middle East
No Result
View All Result

Ooredoo, Zain and TASC Towers Create the Largest Tower Company

by CXO Staff
December 5, 2023
in News

Ooredoo, Zain and TASC Towers Create the Largest Tower Company in the MENA Region Valued at USD 2.2 Billion

Ooredoo, Zain and TASC Towers Create the Largest Tower Company

Ooredoo Q.P.S.C. (“Ooredoo”) – Ticker: ORDS and Mobile Telecommunications Company K.S.P.C (“Zain Group”) -Ticker: Zain announce the signing of definitive agreements between Ooredoo Group, Zain Group and TASC Towers Holding (“TASC”) to create the largest tower company in the MENA region, in a cash and share deal.

The enlarged tower company, comprising approximately 30,000 towers, has a combined estimated current enterprise value of USD 2.2 billion. Ooredoo and Zain will equally retain a substantial stake of 49.3% each in the newly restructured entity, through an asset and cash equalisation process. The founders of TASC will retain the remaining shareholding, through Digital Infrastructure Assets LLP, and will continue to manage the operations of the business.

The tower entity is expected to achieve run-rate revenues close to USD 500 million annually, with an EBITDAaL (after leases) of more than USD 200 million annually upon the completion of closings in all individual countries – including Qatar, Kuwait, Jordan, Iraq, Algeria, and Tunisia. This financial position underpins the promising prospects and profitability of the newly restructured tower company.

The signing of this landmark transaction constitutes a major milestone towards realising key aspects of both Ooredoo and Zain’s strategies, focused on evolving into smart telcos and creating value-focused portfolio. It also reaffirms the commitment of Ooredoo, Zain and TASC to drive growth and value for shareholders.

In a joint commentary, Aziz Aluthman Fakhroo, MD and Group CEO, Ooredoo; Bader Al-Kharafi, Zain Vice-Chairman & Group CEO; and Iyad Mazhar, Founder & CEO of TASC said: “This pioneering deal embarks us on an exciting journey together as it results in the establishment of the region’s largest independent Tower company, placing the MENA region on the world telecom tower map.  It also positions the region as an advanced player in the global telecoms landscape, and we anticipate wide-ranging positive implications for the region – from economic growth and upgraded connectivity to technological improvements and increased global relevance.”

“This strategic transaction will unlock significant shareholder value through higher earnings multiples, as well as ensure capital efficiency, optimising balance sheets for our respective companies and creating new possibilities for investors. The deal also demonstrates our joint dedication to supporting the reduction of the region’s carbon footprint, contributing to our vision of reshaping the telecommunications sector by building a more sustainable ecosystem and ensuring a better-connected future for our communities across the region,” the CEOs concluded.

As an independent tower company, leveraging the combined assets of Ooredoo and Zain, TASC will offer Passive Infrastructure as a Service (PIaaS) in a partnership model. This creates unprecedented opportunities for all mobile network operators, offering a capital-efficient alternative to building, owning and managing their own passive infrastructure in a cost-efficient and environmentally friendly manner. This partnership model is well-equipped to meet the needs of other mobile network operators seeking to reduce costs, lower carbon emissions, and address the increasing demand for sites driven by double digit growth in mobile data consumption across the region.

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 expected timeline for the completion of this transaction contemplates initial market closings in 2024.

The phased implementation, tailored for each market and adhering to the regulatory environment, is subject to regulatory approvals, ensuring a seamless transition of operations. Ooredoo’s tower network in Oman is following a stand-alone process.

Morgan Stanley acted as the exclusive financial advisor to the Ooredoo Group, and Citigroup Global Markets Ltd acted as the exclusive financial advisor to Zain Group and TASC Towers Holding on this transaction. DLA Piper acted as the legal advisors for Ooredoo, and both Herbert Smith Freehills (HSF) and Norton Rose Fulbright (NRF) jointly acted as the legal advisors of Zain Group and TASC Towers Holding. Shearman & Sterling (S&S) acted as the legal advisors of Digital Infrastructure Assets.

Tags: OoredooTASCZain
ShareTweet

Related Posts

CVC Joins CD&R as an Investment Partner in Epicor
Business

VAST Data and Cisco expand partnership

VAST Data announced the expansion of its strategic partnership with Cisco to deliver a fully integrated and validated AI infrastructure...

June 4, 2025
JAGGAER appoints first Chief Digital & AI Officer
Future

JAGGAER appoints first Chief Digital & AI Officer

JAGGAER is delighted to announce the appointment of Gopinath “GP” Polavarapu to Chief Digital and AI Officer (CDAO). GP will...

June 4, 2025

Discussion about this post

Latest Issue

CVC Joins CD&R as an Investment Partner in Epicor

VAST Data and Cisco expand partnership

June 4, 2025
JAGGAER appoints first Chief Digital & AI Officer

JAGGAER appoints first Chief Digital & AI Officer

June 4, 2025
training skills ups killing

Huawei partners with Nafis to launch Emirati Talent Development Programme

June 4, 2025

The most trusted source of strategic intelligence for IT decision makers in the Middle East.

About

  • About Us
  • Advertising
  • Digital Magazine
  • Supplements
  • Media Pack
  • Contact Us

Policies

  • Privacy Policy

© 2024 – CXO Insight Middle East. All Rights Reserved.

Facebook-f X-twitter Linkedin
Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden.

About

  • About Us
  • Site Map
  • Contact Us
  • Career

Policies

  • Help Center
  • Privacy Policy
  • Cookie Setting
  • Term Of Use

Join Our Newsletter

© 2024 – CXO Insight Middle East. All Rights Reserved.

Facebook-f Twitter Youtube Instagram

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Join our mailing list
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
No Result
View All Result
  • News
  • Opinions
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
  • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CX50 Oman
    • CXO50
    • ICT Awards
      • Dubai
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect
    • Channel Awards 2023
    • All events
  • Videos
  • GITEX GLOBAL
  • Digital Magazine

© 2024 - CXO Insight Middle East. All Rights Reserved.