Zain Kuwait concludes KD-40-mln telecom towers' sale, leaseback to IHS

KUWAIT, Feb 12 (KUNA) -- The Zain Group announced that its operation in Kuwait has completed the sale and leaseback of the passive physical infrastructure of its 1,620 mobile tower portfolio for KD 40 million (USD 130 million) to IHS Holding Limited (IHS).
According to a Zain Group press release, the transaction was the first sale and leaseback of telecom towers in the Middle East region by a licensed mobile operator.
The transaction valuation is aimed at helping Zain to maximize efficiency in its operating model, taking into account future lease terms and the expansion of 5G towers across Kuwait. (end) aam.gta