Zain Kuwait closes US$130mn sale and leaseback deal with IHS Towers
International towerco expands geographical footprint with new MENA region
On 12 February 2020, further to receiving regulatory approval from the Communication and Information Technology Regulatory Authority (CITRA) and support from Kuwait Direct Investment Promotion Authority (KDIPA), global leading international towerco IHS Towers completed the sale and lease back deal of 1,620 telecommunication towers from mobile network operator Zain in Kuwait.
Zain began studying the potential to sell its tower portfolios back in 2015 and on 10 October 2017, Zain Kuwait announced that it had reached a deal with IHS Towers for the sale and leaseback of its tower portfolio in the country. Zain reportedly received 15 bids for their Kuwaiti portfolio.