Zain KSA agrees to sale, lease back of tower network to IHS for USD 648 mln

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(Telecompaper) Zain Group announced that the board of Zain Saudi Arabia (Zain KSA) has approved an offer to sell and lease back its mobile tower portfolio to IHS Holding for SAR 2.43 billion (USD 648 million). Under the terms of the agreement, Zain KSA is selling only its passive, physical infrastructure to IHS and will retain its intelligent software, technology and intellectual property with respect to managing its network. The agreement also involves a lease-back period of fifteen years, with a five-year renewal option, and building of an additional 1,500 towers over the next six years. 
Source: Industry News (syndicated from Telecompaper.com)

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