Zain Kuwait inks $165 mln tower deal with IHS

Kuwaiti telecommunications firm Zain, which holds a 37 percent stake Zain Saudi, has signed a binding agreement worth $165 million with IHS Holding Ltd., in partnership with Towershare Management Ltd, to sell and lease back its towers in Kuwait, Zain said in a statement.

The telecom company plans to sell more than 1,600 of its towers, it said, adding that it will retain a minority stake in a new company that will be set up to own the towers.

The deal is expected to be finalized by the first quarter of 2018 and it is still subject to regulatory approvals, the statement said.