Zain Expands Hold with Full Acquisition of IHS Kuwait Limited
Deal News | Dec 02, 2024 | Zawya
Zain Group, a major telecommunications operator in the Middle East and Africa, has announced a definitive agreement to acquire the remaining 70% stake in IHS Kuwait Limited from IHS Holding Limited for $134 million. This move will increase Zain’s ownership to 100%, consolidating its position in the Kuwaiti market where IHS Kuwait operates over 2,375 tower sites. This acquisition is a part of Zain’s broader strategy to expand its digital infrastructure capabilities across the region, complementing a previous deal with Ooredoo for 30,000 towers. The transaction awaits standard closing conditions, including regulatory approvals, and involves advisors such as FTI Capital Advisors and legal counsel from DLA Piper and GLA & Company.
Sectors
- Telecommunications
- Infrastructure
Geography
- Kuwait – Both Zain Group and IHS Kuwait Limited have operations in Kuwait, where the transaction is taking place.
- Middle East and Africa – Zain Group operates across the Middle East and Africa, and the acquisition complements its strategy in this region.
Industry
- Telecommunications – Zain Group operates as a significant telecommunications operator, while IHS Towers provides telecommunications infrastructure.
- Infrastructure – The acquisition of IHS Kuwait Limited involves the management and ownership of telecommunications tower infrastructure.
Financials
- US$134 million – The equity value for the remaining 70% stake in IHS Kuwait Limited to be acquired by Zain Group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Zain Group | Acquirer | Company | A leading telecommunications operator across the Middle East and Africa, listed on Boursa Kuwait. |
| IHS Holding Limited | Seller | Company | An independent owner, operator, and developer of shared communications infrastructure, focused on emerging markets. |
| IHS Kuwait Limited | Target Company | Company | An independent licensed Tower Company in Kuwait, previously owned 70% by IHS Holding Limited. |
| FTI Capital Advisors | Financial Advisor | Company | Served as exclusive financial advisors for Zain Group during the transaction. |
| PwC | M&A Advisor | Company | Provided M&A advisory services for Zain Group. |
| DLA Piper | International Legal Counsel | Company | Acted as international legal counsel for Zain Group. |
| GLA & Company | Local Legal Counsel | Company | Provided local legal counsel for Zain Group in Kuwait. |