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DOHA/KUWAIT/ABU DHABI: Ooredoo introduced that Ooredoo Group has entered unique negotiations with Cell Telecommunications Firm (Zain Group) and UAE based mostly TASC Towers Holding to mix their roughly 30,000 telecommunication tower belongings in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan right into a collectively owned unbiased tower firm in a money and share deal.
This new partnership will kind the most important tower firm within the MENA area. The enlarged tower firm will proceed to function as an unbiased and standalone entity offering passive infrastructure as a service all through the area with a give attention to operational efficiencies, synergies and discount of carbon footprint.
Each Ooredoo and Zain will retain their respective energetic infrastructure, together with wi-fi communication antennas, clever software program, and mental property with respect to managing their telecom networks.
This transaction will create a possible shareholder worth uplift for each Ooredoo Group and Zain Group via a extra environment friendly capital construction. Each operators are dedicated to executing on their respective development methods to unlock vital capital and maximize worth for shareholders whereas on the similar time lowering the carbon footprint throughout the MENA area.
The events will proceed with negotiations on an unique foundation with a view to signing definitive agreements in Q3 2023. Ooredoo’s tower community in Oman is following a stand-alone course of.
The potential transaction stays topic to, amongst different components, settlement on last phrases, signing of definitive agreements and acquiring of all required company and regulatory approvals. The implementation of this transaction is predicted to be executed in a personalized timeline for every market contemplating the regulatory atmosphere and making certain a clean transition for the operations.
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