Zain Group, a leading telecommunications operator operating across the Middle East and Africa, entered into a definitive agreement to acquire IHS Holding Limited’s 70 percent stake in IHS Kuwait Limited.
The stake acquisition is estimated at a cost of $134m.
The deal will lead to Zain increasing its existing 30 percent stake in IHS Kuwait Limited to 100 percent ownership.
Zain Group claims IHS Kuwait stake
Zain Vice-Chairman and Group CEO Bader Al Kharafi said: “This agreement will enhance Zain’s Digital Infrastructure regional expansion strategy in creating capital efficiencies and driving shareholder value.
“It will also complement our ground-breaking deal with Ooredoo to acquire and merge approximately 30,000 towers,” he said.
Al Kharafi said the aim of the company’s sustainable and independent operating model is to provide passive infrastructure as a service, supporting the reduction of MENA’s carbon footprint and empowering the region’s digital future.
IHS Kuwait Limited, an independent licensed tower company, owns 1,675 sites and manages an additional approximate 700 sites in Kuwait.
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is solely focused on the emerging markets.
The company has over 40,000 towers across its 10 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Rwanda, South Africa and Zambia.
Post stake acquisition, IHS Kuwait Limited will continue to provide independent tower infrastructure services within the Kuwait market.
The transaction is subject to customary closing conditions, including government and regulatory approvals.
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