Zain Saudi in talks for $500 mln tower sale: report

Mobile Telecommunications Co. Saudi Arabia (Zain Saudi) is close to finalizing the sale of about 7,500 mobile phone towers to Lebanon’s TASC Towers, Bloomberg reported Monday, citing unnamed sources with knowledge of the matter.

The value of the deal, which is expected to be closed by year-end, could reach nearly $500 million.

TASC, which buys and leases mobile towers in the Middle East and Asia, has approached banks to secure financing for the deal.

“Zain remains interested in such a transaction and discussions are still in progress with TASC SAL,” Zain Saudi’s chief executive, Peter Kaliaropoulos, said in an emailed statement.

There are no material developments at this stage, Kaliaropoulos  said, adding that talks are still ongoing and there is no certainty that these will lead to a transaction.

In December, the Kingdom’s third largest mobile operator said it was exploring the sale of its passive tower infrastructure to a consortium comprising of TASC SAL and the Arabian Company for Water and Power Development (ACWA Holding).