Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) is close to selling 7,500 mobile phone towers to Lebanon’s TASC Towers, Bloomberg reported on Tuesday, citing remarks by sources familiar with the matter.
The value of the deal may reach up to $500 million (SAR 1.88 billion).
The sources noted that TASC Towers is in talks with banks to finance the deal, which could be completed by the end of the year.
Zain’s CEO told Bloomberg that Zain remains interested in such a transaction and discussions are still in progress with TASC.
“Negotiations of this nature are complex, protracted, and there is no certainty that these will lead to a transaction. There are no material developments to report at this stage,” he added.
