In a significant move to bolster its regional digital infrastructure, Zain Group, a prominent Middle Eastern and African telecommunications operator, has finalized a deal to purchase a 70% interest in IHS Kuwait Limited from IHS Holding Limited. This transaction will elevate Zain’s ownership to a full 100%, expanding its control over 1,675 owned sites and approximately 700 managed sites in Kuwait.
IHS Kuwait Limited, a key player in the independent tower infrastructure services, is part of IHS Towers—one of the largest global operators and developers of shared communications infrastructure. With over 40,000 towers in 10 markets including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Rwanda, South Africa, and Zambia, IHS Towers focuses predominantly on emerging markets.
The acquisition, valued at an equity amount of $134 million for the 70% stake, is aimed at enhancing Zain’s operational efficiencies and shareholder value. The deal also complements Zain’s recent strategic move to merge with Ooredoo’s 30,000 towers.
The completion of this acquisition is contingent on customary closing conditions such as government and regulatory approvals.
Bader Al Kharafi, Zain Vice-Chairman and Group CEO, emphasized that this agreement aligns with the company’s strategy to augment digital infrastructure across the region. “This will not only create capital efficiencies but also drive shareholder value. Additionally, it supports our goal of reducing the carbon footprint in the MENA region and fosters a sustainable digital future,” Al Kharafi stated.
In this transaction, Zain Group enlisted FTI Capital Advisors as exclusive financial advisors, PwC as M&A advisors, DLA Piper as international legal counsel, and GLA & Company as local legal counsel.
