Zain Jordan sells 2,607 towers to TASC for $88 mn

Zain Jordan announced a 15-year agreement to sell and leaseback the passive physical infrastructure of its 2,607 towers in Jordan to TASC Towers for USD 88 million.
Zain store Bahrain
The transaction includes an additional 223 sites transferring to TASC Towers on a managed basis. Zain Group holds 25 percent stake in TASC Towers.

The deal includes TASC Towers managing Zain Jordan’s supporting facilities such as power generators, fuel tanks and protection kiosks as well as a build-to-suit agreement allowing for a minimum of 525 network sites to be built over the next five years.

Zain Jordan will retain its active infrastructure, including wireless communication antennas, intelligent software, and intellectual property with respect to managing its telecom network.

TASC Towers, headquartered in Dubai, is an international tower operator focused on sale and leaseback, build-to-suit and growth capital investments in the MENEASA market (Middle East, North & East Africa and South Asia).

“This transaction is consistent with Zain’s 4Sight strategy to create significant value for shareholders through the unlocking of capital and optimization of infrastructure assets which will flourish under the management of an independent team,” Bader Al-Kharafi, Zain Group CEO said.

This transaction follows similar deals to sell 1,620 towers in Zain Kuwait and a recent announcement in Zain Saudi Arabia to sell its 8,100 tower infrastructure.

FTI Capital Advisors acted as exclusive financial advisor to Zain Group on this transaction.

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