Deals
Zain Saudi Is Said to Be Close to $500 Million Towers Sale
- TASC Towers said to be planning to buy 7,500 telecom masts
- Zain Saudi CEO says discussions still in progress with TASC
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Zain Saudi Arabia is nearing an agreement to sell about 7,500 mobile phone towers to Lebanon’s TASC Towers, according to people familiar with the matter.
The sale could raise about $500 million for the kingdom’s third-largest mobile operator, also known as Mobile Telecommunications Co. of Saudi Arabia, the people said, asking not to be identified because the information is private. TASC, which buys and leases mobile towers in the Middle East and Asia, has approached banks to raise financing for the deal, which could be completed by the end of the year, they said.