Last week TASC Towers, Kuwaiti-based Zain Group and Qatar-based Ooredoo announced the creation of the largest tower company in MENA by merging most of Ooredoo’s tower portfolio with TASC Towers, who currently own and operate Zain’s towers in MENA.
The new tower entity, which has been named as ‘New TASC’ will become responsible for managing just under 30,000 towers across six MENA markets; Qatar, Algeria, Tunisia, Kuwait, Jordan and Iraq, with an estimated value of US$2.2bn.
Ooredoo and Zain will retain equal shareholdings of 49.3% through an asset and cash equalisation process as Ooredoo’s tower portfolio is much larger than Zain’s.
