Helios Towers announced an agreement to acquire Omantel’s passive tower infrastructure portfolio of 2,890 sites for USD 575 million cash. This represents an enterprise value of USD 615 million including the group’s estimate of transactions costs and capitalised ground leases of USD 40 million. Through the transaction, Helios Towers will establish its presence in the Middle East region, becoming a leading independent tower infrastructure provider in Oman.
These assets are expected to deliver revenues of USD 59 million and adjusted EBITDA of USD 40 million in the first full year of operations. Further growth is anticipated through colocation leases and 300 build-to-suit sites committed over the next seven years, for which USD 35 million growth capex is expected to be invested.
The takeover is expected to close by the end of 2021, subject to approval by Helios Towers’ shareholders and approval from the Telecoms Regulatory Authority of Oman. Helios Towers has received irrevocable undertakings to vote in favour of the acquisition at a General Meeting from certain shareholders representing over 50 percent of issued share capital at the time of announcement.
