Helios Towers recruited Oman-based investment fund Rakiza Telecommunication Infrastructure to take a minority share in a new venture formed to house assets being bought from operator Omantel.

Under the deal between the investors Rakiza will acquire a 30 per cent stake in the holding company which is being set-up by Helios to run towers and related infrastructure once its purchase of assets from Omantel completes.

For the stake the Omani investment company will pay 30 per cent of the $575 million purchase price for the towers. The deal for the towers is set to close around the end of this month.

In a joint statement the pair highlighted the benefits of the partnership for the development of communications infrastructure in Oman and the two stakeholders involved.

Helios Towers CEO Tom Greenwood added the partner offered: “a wealth of local knowledge as we enter the Omani market and seek to strengthen our foothold in the Middle East.”

Rakiza is a part state-owned fund originally formed to make infrastructure investments in Oman and attract private investment into the country.