Kuwait Times, Sunday, Jan 15, 2023 | Jamadi Al Thani 22, 1444
Zain Iraq finalizes sale and leaseback of 4,968 towers to TASC Towers Iraq
Kuwait:
Zain Group announced that its operation in Iraq
has entered into a definite 15-year agreement to sell and leaseback, as well as
the management rights of the passive physical infrastructure of its 4,968 tower
portfolio in Iraq to TASC Towers Iraq for $180 million.
The deal also comprises of TASC Towers Iraq expanding the network and building
new tower sites across the country to meet the growing demand for data
connectivity as per local market requirements, including an agreed 198 new sites
over the next 12 months. Furthermore, TASC Towers will manage Zain Iraq’s
supporting facilities such as power generators, fuel tanks and shelters.
Zain Iraq will retain its active infrastructure, including wireless
communication radios, antennas, intelligent software, transmission systems, and
intellectual property with respect to managing its telecom network.
TASC Towers (www.tasctowers.com), headquartered in
Dubai, is an international tower operator focused on sale and leaseback,
build-to-suit and tower related investments in the MENEASA market (Middle East,
North & East Africa and South Asia). As an independent tower operator, TASC
Towers’ subsidiary in Iraq will work on optimizing co-location of mobile network
sites with other telecom operators in the country, that will result in a better
utilization of mobile site infrastructure, the reduction of power generators and
hence the industry’s carbon footprint.