Telecom Egypt is reportedly in talks to sell and lease back the majority of its tower footprint to raise up to US$250 million, as three major tower players have shown interest.
Daily News Egypt reported, Telecom Egypt is aiming to sell around 2,500 out of its its 2,800 towers. Sources speaking to the publication said three tower companies are in the running and conducting due diligence: IHS Towers, Mobi Tower and Helios Towers.
A final sale price will be determined once the three complete their assessment of a potential deal that could be finalised by Q1 2024.
Telecom Egypt will follow its peers globally in selling off passive assets to fund deployment and rollout of future technologies such as 5G.
Proposals from all three parties will be presented to Telecom Egypt’s board of directors this month, who will then inform shareholders.
Spokespeople from Helios Towers and IHS Towers declined to comment when Developing Telecoms made contact.
