The Middle East’s first major tower transaction is announced
IHS Towers, in partnership with Towershare, acquire Zain’s 1,600 Kuwaiti sites
On 10 October it was announced that Zain had entered into an agreement to sell and leaseback its 1,600 Kuwaiti towers to IHS Towers, in partnership with Towershare, for US$165mn. The transaction is expected to close in the first quarter of 2018 and upon completion will mark the Middle East’s first tower transaction of scale. TowerXchange analyse the transaction and the knock-on effect this is expected to have on further transactions in the region.
Zain and IHS’ announcement that Zain have agreed the sale of their Kuwaiti tower portfolio to IHS represents a landmark transaction in the global tower industry.