Mobily, Zain KSA and Saudi Telecom (STC) are reportedly considering a tower joint venture, following years of attempts to monetise their mobile masts.
Mobily (TASI:7020), Zain KSA (TASI:7030) and Saudi Telecom (STC) (TASI:7010) are reportedly considering a tower joint venture, following years of attempts to monetise their mobile masts.
Reuters, citing local financial news site Maaal, reported that it was not yet clear whether the three would retain ownership of a joint company or sell it.
Mobily, advised by Tap Advisors, and Zain, advised by Citi, are running concurrent tower sales, with binding bids expected mid-month.
Up for grabs are Mobily’s 9,000-10,000 Saudi towers, initially valued at a reported US$1.5bn-US$2bn, and Zain’s 8,000 towers in Saudi Arabia, Kuwait and South Sudan, previously valued at US$2bn.
Linked to interest are American Tower, Providence, TASC Towers, Towershare, Abraaj and Srei, while independent towercos such as IHS could expand beyond sub-Saharan Africa. Eaton bought towers from Mobinil in Egypt last year.
Incumbent STC and Etisalat-owned Mobily had previously spent years attempting a combination and sale of their tower assets.
Spokespeople for the companies were not immediately available for comment.
