Omantel Weighing Bids for $500 Million Sale of Its Tower Network
Omantel Weighing Bids for $500 Million Sale of Its Tower Network
(Bloomberg) -- Oman Telecommunication Co. is evaluating a number of offers for its tower network, which the state-owned firm expects could raise more than $500 million.
Bids from “specialized companies” are undergoing technical, commercial and legal evaluation, Omantel said in a statement on Monday. The transaction is still at an evaluation stage, and it is not yet possible to ascertain its full financial impact on the company, the nation’s largest phone firm said.
Carriers are offloading towers in emerging markets across the Middle East and Africa to reduce the burden of costly infrastructure. A report co-authored by consultancy EY in April 2019 found that greater outsourcing by telecom operators of their tower assets could release 28 billion euros ($34 billion) of capital for reinvestment.
©2020 Bloomberg L.P.