{"id":87203,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/meet-menas-largest-tower-company\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"meet-menas-largest-tower-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/06\/meet-menas-largest-tower-company\/","title":{"rendered":"Meet MENA\u2019s largest tower company"},"content":{"rendered":"

Ooredoo, Zain, TASC Towers join forces to create MENA\u2019s biggest tower company:<\/strong> Telecom companies Dubai\u2019s TASC Towers<\/a>Holding<\/a>, Kuwait\u2019s Zain Group<\/a> and Qatar\u2019s Ooredoo<\/a> will combine their tower assets to form aUSD 2.2 bn tower company, according to an ADX disclosure<\/a>. The transaction is set to close in 2024, subject to the regulatory approvals. <\/p>\n

What is a tower company?<\/strong> Tower companies own and operate communication towers that support antennas and equipment for mobile, TV, radio, and other services.<\/p>\n

Details on the transaction:<\/strong> The three companies want to combine their 300k tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq, and Jordan into one tower company in a cash and share transaction. Zain Group and Ooredoo will each retain a 49.35% stake in the new company through a cash equalization process \u2014 meaning both companies\u2019 liquidity and shares will be balanced to ensure an equal stake \u2014 with TASC taking the remaining shares. <\/p>\n

The rationale: <\/strong>The goal is to help mobile service providers cut costs associated with passive infrastructure conduction and upkeep. The triad of telecom companies stand to make huge profits. \u201cThis strategic transaction will unlock significant shareholder value through higher earnings multiples,\u201d reads the latest press release, quoting the CEOs of the three companies. <\/p>\n

What will the new company do?<\/strong> It will be an independent entity that provides passive infrastructure \u2014 the physical components needed for telecom transmission \u2014 throughout the region, focusing on operational efficiency and carbon footprint reduction, according to a press release<\/a> by Ooredo back in July. <\/p>\n

Passive vs. active infrastructure: <\/strong>TASC Towers, alongside the consolidated assets of Zain and Ooredoo, will deliver passive infrastructure, while Zain and Ooredoo will retain their respective active infrastructure, which includes wireless communication antennas, intelligent software and intellectual property. <\/p>\n

Advisors:<\/strong> Morgan Stanley provided exclusive financial advisory services to the Ooredoo Group, while Citigroup Global Markets Ltd served as the exclusive financial advisor to both Zain Group and TASC Towers Holding.<\/p>\n

IN OTHER M&A NEWS- <\/strong><\/p>\n

Abu Dhabi tourism company ADNEC Group acquired French tourism group <\/strong>Karavel from Equistone Partners Europe<\/strong>, according to a press release<\/a>. The move is in line with the ADNEC\u2019s strategy of expanding its core sectors across different geographical regions and aims to foster Karavel's growth in new markets and provide it with access to ADNEC\u2019s assets and expertise in the tourism sector. No details were provided on the value of the acquisition. <\/p>\n

What they said: <\/strong>\u201cKaravel\u2019s history of success in delivering tours and holidays to customers in France across destinations in Europe and the Caribbean, complements ADNEC Group\u2019s ambitions for growth in Europe where we already have a presence,\u201d Humaid Matar Al Dhaheri, managing director and Group CEO of ADNEC Group, said. <\/p>\n

About ADNEC:<\/strong> Based in Abu Dhabi, the Group plays a role in diversifying the city's economy through a focus on sustainable tourism. Its extensive portfolio includes venues, events, hotels, F&B, services, tourism, and media clusters. Leveraging these, ADNEC Group attracts global events, fostering local business growth and creating international investment prospects.<\/p>\n

ADNEC\u2019s portfolio: <\/strong>The Group's tourism portfolio consists of Tourism365<\/a> and its subsidiaries companies: Capital Experience, Capital Travel, Capital Holidays, Etihad Holidays, and Capital Drive.<\/p>\n","protected":false},"excerpt":{"rendered":"

TASC, Zain Group, and Ooredoo will form a USD 2.2 bn tower company by 2024<\/p>\n","protected":false},"author":1,"featured_media":87204,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,60,379,381,382,380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-ma-watch","tag-ooredoo","tag-tasc-towers-holding","tag-telecommunication","tag-zain","wpautop","entry"],"acf":{"mongo_id":"bc9cef85-0e25-4f17-92c8-22610be8795c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/2437.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Ooredoo, Zain, TASC Towers join forces in MENA\u2019s biggest tower company","related_issue":[87191],"teaser":"TASC, Zain Group, and Ooredoo will form a USD 2.2 bn tower company by 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7b8a3350-237f-454d-958f-c14e96b134fd.mp3"},"yoast_head":"\nMeet MENA\u2019s largest tower company - 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