Technology

Helios Towers edges closer to Omantel asset buy

Helios Towers has completed a transaction to purchase passive infrastructure assets from operator Omantel, announcing that the necessary regulatory close conditions have been met.

Al Borg said it expects the deal to close sometime this month, more than a year and a half after the agreement was concluded.

Abraaj Helios will acquire Omantel’s passive portfolio of approximately 3,000 sites in a $575 million deal, as part of a drive across the Middle East and achievement of geographic expansion goals through 2025.

In June, Abraaj Helios appointed local investment fund Rakiza Telecommunication Infrastructure to acquire a minority stake in a new venture formed to house the assets it is buying from Omantel.

Rakeza agreed to a deal to acquire 30 percent of the holding company’s shares for $172.5 million, 30 percent of the total purchase price of $575 million.

Upon completion of the Oman transaction, it will add to the Abraaj Helios portfolio of Abraaj assets in Tanzania, DRC, Congo Brazzaville, Ghana, South Africa, Senegal, Madagascar and Malawi.

The Helios Towers strategy revolves around purchasing towers owned by a single operator and providing services to all players in the markets.

Sign up for the Go Daily newsletter

Previous post
I’m A Celebrity shock voting twist as final three ‘revealed’ and show favourite at risk
Next post
Richarlison praised as ‘idol Brazilians deserve’ after Bolsonaro era | Brazil