Zain Group enters agreement to acquire remaining 70% of IHS Kuwait Limited

02/12/2024

KUWAIT CITY, Dec 02: Zain Group (Boursa Kuwait: ZAIN), a leading telecommunications operator operating across the Middle East and Africa has entered a definitive agreement to acquire IHS Holding Limited’s (NYSE: IHS) 70% interest in IHS Kuwait Limited, an independent licensed Tower Company that owns 1,675 sites and manages an additional approximate 700 sites in Kuwait.

Under the terms of the transaction, Zain has agreed to increase its 30% ownership of IHS Kuwait Limited to 100%, at an equity value for the remaining 70% stake of US$134 million. IHS Kuwait Limited will continue to provide independent tower infrastructure services within the Kuwait market.

The transaction is subject to customary closing conditions, including government and regulatory approvals.

Commenting on the transaction, Bader Al Kharafi, Zain Vice-Chairman and Group CEO said, “This agreement will enhance Zain’s Digital Infrastructure regional expansion strategy in creating capital efficiencies and driving shareholder value. It will also complement our ground-breaking deal with Ooredoo to acquire and merge approximately 30,000 towers. The aim of our sustainable and independent operating model is to provide passive infrastructure as a service, supporting the reduction of MENA’s carbon footprint and empowering the region’s digital future.”

For Zain Group, FTI Capital Advisors acted as exclusive financial advisors; PwC as M&A advisors; DLA Piper as international legal counsel and GLA & Company as local legal counsel.