By John Lee.
Qatari mobile telecoms group Ooredoo is planning to sell its portfolio of transmission towers, which includes those owned by its Iraqi subsidiary Asiacell.
Media sources suggest that this will be done on a sale-and-leaseback basis, and that the portfolio may be split by country.
According to Reuters, Morgan Stanley is advising on the sale.
The full statement from Ooredoo is as follows:
“In line with its evolved strategy to shift towards an asset-light model, Ooredoo Q.P.S.C. (QSE: ORDS) (“Ooredoo”) today announced that it is preparing for a potential carve out of its tower portfolio to extract optimal value from its infrastructure and create more value for customers and shareholders.
“The company’s tower portfolio comprises about 20 thousand towers spread across the countries where it operates. This transaction will allow the company to work on a deal that is suitable for target markets, attract third tenant business and create efficiencies.
“As part of the process, Ooredoo will explore strategic options that will unlock significant capital and maximise value for shareholders.“
(Sources: Ooredoo, Mobile Europe, Reuters)