(Alliance News) - Helios Towers PLC on Tuesday announced it has agreed to purchase Oman Telecommunications Co's 2,890 tower infrastructure sites for USD575 million in cash.
The London-based telecom tower infrastructure company said the deal will "establish its presence in the Middle-East", becoming a leading tower infrastructure provider in Oman.
The sites are expected to deliver revenue of USD59 million and adjusted earnings before interest, tax, depreciation and amortisation of USD40 million in the first full year of operations, Helios said. The deal is expected to be completed by end of 2021.
"We view Oman as a very attractive and supportive market for foreign investments, with strong growth and exciting future prospects," said Helios Chief Executive Kash Pandya.
"Through the acquisition, which establishes us as a leading tower operator in Oman, we expect to achieve our group target of 12,000 towers well ahead of plan, while also strengthening our business through further hard-currency revenues and diversification into one of the fastest growing markets in the Middle-East."
Shares in Helios were down 1.7% at 167.20 pence in London, early on Tuesday.
By Will Paige; willpaige@alliancenews.com
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Helios Towers (HTWS)