Bahraini incumbent Batelco has reportedly hired Citigroup to offload tower assets in Bahrain and Jordan to raise funds for future acquisitions.
Batelco’s asset sale could net US$200m-US$300m and the group has already been approached by a few…
Bahraini incumbent Batelco has reportedly hired Citigroup to offload tower assets in Bahrain and Jordan to raise funds for future acquisitions.
Batelco’s asset sale could net US$200m-US$300m and the group has already been approached by a few bidders, reported Reuters citing a banking source.
The report also quoted Peter Kaliaropoulos, the company’s chief executive of strategic assignments, who reportedly said on 4 December that selling or leasing tower assets was one option it was considering, and that any funds raised will go towards future acquisitions, because the group has no debt.
Batelco was unable to comment before the press deadline.
But the company has been facing increasing competition in the Middle East and, thanks to its strong balance sheet, analysts have been expecting it to look for M&A opportunities next year to grow in the region.
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