IHS Towers has announced the completion of an agreement to sell its 70% stake in IHS Kuwait Limited to Zain Group, Kuwait’s leading mobile network operator.
The transaction includes approximately 1,675 sites and an additional 700 managed sites in Kuwait.
Valued at an enterprise worth $230 million, the deal represents a transaction multiple of 14.2x based on the estimated Adjusted EBITDA for IHS Kuwait after leases.
This valuation significantly exceeds IHS Towers’ current group valuation multiple. Pending regulatory and government approvals, the sale is expected to close in the first half of 2025.
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Proceeds from the sale will be directed towards debt reduction, bolstering financial stability, and strengthening the company’s balance sheet. This move aligns with IHS Towers’ ongoing strategic review, which aims to create value for shareholders.
Commenting on the transaction, Sam Darwish, Chairman and CEO of IHS Towers, stated, “Today’s announcement forms part of our wider ambition to drive shareholder value and enhance our balance sheet.
The transfer of IHS Kuwait to Zain, the largest mobile network operator in Kuwait, not only highlights the significant value contained within our portfolio but will also allow us to further reduce our net leverage.”
