Helios Towers agreed to take over Omantel’s passive tower infrastructure portfolio of nearly 3,000 sites for $575 million, as the infrastructure company targets what it claims is a significant growth opportunity in the Middle East.
Through the deal, Helios Towers will acquire Omantel’s 2,890 sites, initially for 15 years.
Helios Towers noted the move is in line with a new market and growth strategy, stating it will be “immediately accretive to earnings”, with $59 million in revenue expected during its first operational year.
The company also said the deal will deliver on geographic expansion targets “well ahead” of the 2025 goal.
Finalisation is expected by the year-end, subject to approvals by regulators and Helios Towers’ shareholders.
Helios Towers CEO Kash Pandya detailed plans to partner with more Oman operators and further invest in its tower portfolio in “a very attractive and supportive market for foreign investments, with strong growth and exciting future prospects”.
Omantel chief Talal Said Al Mamari added the move opens the door for accelerated network development in next-generation technologies by allowing the operator to focus on innovation and outsource non-core infrastructure management.
Helios Tower established itself as a key player in several African countries, with recent moves including a tie-up with Airtel Africa covering Madagascar and Malawi.