Linklaters advised Zain Saudi Arabia on telecoms towers sale to PIF
Linklaters advised Zain Saudi Arabia on telecoms towers sale to PIF
Linklaters has guided Zain Saudi Arabia (Zain KSA) on the sale and leaseback of its total portfolio of 8,069 telecoms towers in Saudi Arabia to investors headed by Saudi Arabia's Public Investment Fund (PIF).
According to the agreement, Zain KSA will get a 20 percent share in the PIF-controlled firm that will be the owner of the tower assets. The tower infrastructure and related assets will be auctioned for about US$807 million.
Linklaters helped with the negotiation of a complex master tower space use agreement that included the long-term leaseback of the towers to Zain KSA in addition to the acquisition process.
The team was headed by Scott Campbell (Middle East Managing Partner), Julian Cunningham-Day (London-based TMT partner) and supported by corporate managing associate Robert Ferag (Dubai).
Linklaters' Middle East Managing Partner Scott Campbell, stated, "Linklaters has long-standing expertise in providing quick, relevant and unique advice to help clients manage the increasingly linked and digitised telecoms business. We feel honoured to have worked with Zain on a variety of strategic initiatives over the years and to have helped them with this "first of its kind" transaction as part of the region's broader digital transformation."
