Helios Towers has signed up Oman-based equity fund Rakiza Telecommunication Infrastructure to purchase a share in a holding company for Omantel’s passive infrastructure assets.
In a joint statement, the companies detailed that Rakiza will purchase 30% of the holding company with the remaining 70% held by Helios Towers. Rakiza will pay 30% of the $575 million used to acquire the towers from Omantel.
Helios Towers said it needed a local partner with deep knowledge of the Middle East to assist with its expansion into the region.
The acquisition is expected to close near the end of Q2 2022 subject to closing conditions. Through the transaction, Helios Towers will establish its base in the Middle East, which along with Africa, have been highlighted as key growth areas.
This latest development follows Helios Towers closing a deal to acquire Omantel’s portfolio of passive tower infrastructure portfolio of 2,890 sites in May.
The company has also been acquiring towers in Africa.