Helios Towers has announced that it has closed the acquisition of Omantel’s passive infrastructure assets in Oman, adding 2,519 sites to its portfolio for a gross consideration of USD495 million. Revenues and adjusted EBITDA in the first year of operations on the acquired sites are anticipated to be USD50 million and USD34 million, respectively, with further growth expected through 300 build-to-suit (BTS) sites committed over the next seven years, and colocation lease-up. Helios continues to target the acquisition of a further 227 sites from Omantel, which are In-Building Solutions that remain subject to regulatory approval, for a gross consideration of USD53 million. Helios Towers and Omantel have extended the long-stop date for the potential acquisition of these sites to May 2024.
‘We are delighted to close the acquisition of Omantel’s tower assets. The transaction represents our first in the Middle East, and we enter one of the fastest growing markets for mobile infrastructure in the region with our valued local partner, Rakiza, noted Tom Greenwood, CEO of Helios Towers, adding: ‘Since announcing the transaction last year, we have built a talented local team and instilled our business excellence principles, and we now look forward to working with Omantel, a great long-term partner, and the other MNOs to drive the growth of mobile communications across Oman.’