FTI Capital Advisors Supports Zain Group on a New Sale and Leaseback Deal Carving-out 4,968 Towers to TASC Towers Iraq
Dubai, Jan 27, 2023 — FTI Consulting, Inc. (NYSE: FCN) today announced that FTI Capital Advisors (DIFC) Limited (“FTICA- D”) acted, for the second time, as the sole financial advisor to Mobile Telecommunications Company K.S.C.P (“Zain Group”) on the sale and leaseback of its 4,968 tower portfolio in Iraq to TASC Towers Holding Limited (“TASC Towers”). Zain Group holds a 25% minority stake in TASC Towers.
The deal, signed in January 2023 for $180 million, represents Zain’s fourth sale and leaseback transaction, following agreements in Jordan, Kuwait, and Saudi Arabia. It also consolidates the group’s plans to optimize the co-location of mobile network sites with other telco operators in the country, reduce its carbon footprint to meet the Net-Zero goal by 2050 and improve the customer experience.
Fede Membrillera, Global Co-lead and TMT lead at FTI Capital Advisors, commented: “We’re delighted to continue helping Zain in delivering on their infrastructure strategy and making it a tangible reality. The TASC deal is confirmation of their commitment to the region and an endorsement of their cross-regional expansion plans. It is also example of a successful telecom operator carving out assets to strengthen their position in the market. We wish them every success.”
The arrangement will allow TASC Towers Iraq to expand its network and build 198 new tower sites across the country to meet the growing demand for connectivity over the next 12 months. TASC Towers will also manage Zain Iraq’s supporting facilities, including power generators, fuel tanks, and shelters.
About FTI Capital Advisors
FTI Capital Advisors (“FTICA”) is a global boutique middle market investment bank that specializes in M&A advisory, capital raising, valuation and opinions, and special situations mandates across targeted industry sectors – including deep credentials in the media and entertainment sector, as well as in the energy, real estate, healthcare, and industrial sectors. Backed by the power of FTI Consulting’s worldwide network of professionals, FTICA combines deep industry expertise with investment banking and transaction execution experience to deliver value-enhancing outcomes for our clients. FTICA is registered with FINRA in the United States and engages in securities transactions pursuant to that registration. In non-US securities transactions, FTICA may be required to work with securities dealers registered in other countries. FTI Capital Advisors, LLC (member FINRA/SIPC) is the wholly-owned investment banking subsidiary of FTI Consulting, Inc. (NYSE: FCN).
This deal was performed by FTI Capital Advisors (DIFC) Limited (“FTICA Dubai”), an affiliate of FTICA. FTICA Dubai is regulated by the Dubai Financial Services Authority (“DFSA”), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (“DIFC”), in Dubai, United Arab Emirates. FTICA Dubai is authorized to provide services to Professional Clients only; accordingly, this press release is intended for Professional Clients only, and no other person should act upon it.
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Source: FTI Consulting, Inc.