Linklaters advises Zain Saudi Arabia on the sale and leaseback of telecoms towers to the Public Investment Fund
Linklaters advised Zain Saudi Arabia (Zain KSA) on the sale and leaseback of its entire portfolio of 8,069 telecoms towers in Saudi Arabia to investors led by the Public Investment Fund of Saudi Arabia (PIF).
The tower infrastructure and associated assets will be sold for approximately US$807m and as part of the agreement, Zain KSA will receive a 20% stake in the PIF controlled entity that will own the tower assets.
Alongside the acquisition process, Linklaters also supported on the negotiation of a complex master tower space use agreement involving the long-term leaseback of the towers to Zain KSA.
The transaction marks a significant milestone in the wider consolidation of Saudi Arabia’s tower assets.
The Linklaters cross practice team was led by Middle East Managing Partner Scott Campbell and London-based TMT partner Julian Cunningham-Day, with support from Dubai-based corporate managing associate Robert Ferag.
Linklaters’ Middle East Managing Partner Scott Campbell, commented:
“Linklaters has long-standing experience in delivering agile, practical and innovative advice to help clients navigate the increasingly connected and digitised telecoms industry. We are honoured to have had the opportunity to support Zain on a number of strategic opportunities over the years and to have played our part in supporting them on this “first of its kind” transaction as part of the wider digital transformation in the region.”