Zain Group said its operation in Jordan has signed a fifteen-year agreement to sell and lease back the passive physical infrastructure of its 2,607 tower portfolio to TASC Towers for USD 88 million. The transaction includes another 223 sites transferring to TASC Towers on a managed basis. Zain Group holds a 25 percent minority stake in TASC Towers.
The deal includes TASC Towers managing Zain Jordan’s support facilities, such as power generators, fuel tanks and protection kiosks, and a build-to-suit agreement allowing at least 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 follows similar deals with respect to 1,620 towers from Zain Kuwait and a recent announcement in Zain Saudi Arabia to sell its 8,100 tower infrastructure.
