MUSCAT: Helios Towers plc, the London-based independent telecommunications infrastructure company, announced on Thursday that it has closed the acquisition of Omantel’s passive infrastructure assets in Oman, adding 2,519 sites to its portfolio for a gross consideration of $495 million.
Tom Greenwood, Chief Executive Officer, commented: “We are delighted to close the acquisition of Omantel’s tower assets. The transaction represents our first in the Middle East, and we enter one of the fastest growing markets for mobile infrastructure in the region with our valued local partner, Rakiza.
Since announcing the transaction last year, we have built a talented local team and instilled our business excellence principles, and we now look forward to working with Omantel, a great long-term partner, and the other MNOs to drive the growth of mobile communications across Oman.”
Commenting on the completion, Talal Said al Mamari, Chief Executive Officer of Omantel, said: “We are pleased to complete the sale of our passive tower infrastructure in Oman. This aligns to our strategy to develop world class asset-light, strategic and advanced communication networks in Oman. This transaction helps Omantel to achieve effective deleveraging and focus on optimised capital structure for the company. We believe Helios Towers will bring in extensive savings and efficient passive infrastructure solutions and services for Omantel, which in turn will help efficient telecom sector operations and job growth in Oman.”
Muneer al Muneeri, Chairman of Rakiza Fund, added: “Rakiza is pleased to partner with Helios Towers in closing this landmark acquisition – the first fully independent telecom towers operation in the region. We look forward to working closely with all stakeholders to achieve common targets. This is an exciting opportunity to contribute towards meeting the growing demand for state-of the-art telecoms infrastructure in Oman by combining Helios’ strong technical and operational expertise with Rakiza’s financial and regional experience.”
The Group has acquired 2,519 out of the 2,890 sites previously communicated, and accordingly, the gross consideration, revenues and Adjusted EBITDA have been adjusted downward to reflect the amended perimeter.