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PRESSR: Zain Group enters agreement to acquire remaining 70% of IHS Kuwait Limited
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- Bader Al Kharafi: “This transaction will complement the 30,000 tower deal with Ooredoo, enhancing Zain’s strategic regional expansion within the Digital Infrastructure space”
Kuwait City: Zain Group (Boursa Kuwait: ZAIN), a leading telecommunications operator operating across the Middle East and Africa has entered a definitive agreement to acquire IHS Holding Limited’s (NYSE: IHS) 70% interest in IHS Kuwait Limited, an independent licensed Tower Company that owns 1,675 sites and manages an additional approximate 700 sites in Kuwait.
Under the terms of the transaction, Zain has agreed to increase its 30% ownership of IHS Kuwait Limited to 100%, at an equity value for the remaining 70% stake of US$134 million. 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.
Commenting on the transaction, Bader Al Kharafi, Zain Vice-Chairman and Group CEO 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. The aim of our 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.”
For Zain Group, FTI Capital Advisors acted as exclusive financial advisors; PwC as M&A advisors; DLA Piper as international legal counsel and GLA & Company as local legal counsel.
About Zain Group:
Zain is a leading telecommunications operator across the Middle East and Africa, serving 47.2 million active customers as of 30 September 2024. With a commercial presence in 8 countries, Zain provides mobile voice and data services in: Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. In UAE, ZainTECH, the Group’s one-stop digital and ICT solutions provider, is playing a key role in the transformation of enterprise and government clientele across the MENA region. Also, UAE based, Zain Omantel International (ZOI) is revolutionizing the international telecommunications wholesale landscape as the premier wholesale powerhouse serving regional operators, international carriers, and global hyper scalers. In Morocco, Zain has a 15.5% stake in ‘INWI’, through a joint venture. Zain is listed on the Boursa Kuwait (stock ticker: ZAIN).
For more, please email info@zain.com or visit: www.zain.com
About IHS Towers:
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.
For more information, please email: communications@ihstowers.com or visit: www.ihstowers.com
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