January 5th, 2025 Deals & Cases

GLA & Co. Successfully Acts for Zain in Landmark Acquisition

As we start the new year of 2025, GLA & Co. is proud to announce its pivotal role as local legal counsel for Zain Group (Boursa Kuwait: ZAIN) in acquiring a 70% interest in IHS Kuwait Limited from IHS Holding Limited (NYSE: IHS) for US$ 134 Million which closed at the end of 2024.  This significant acquisition increases Zain’s ownership of IHS Kuwait Limited from 30% to 100%, for an enterprise value of US$ 230 Million.  IHS Kuwait Limited is a prominent independent tower company that owns 1,675 sites and manages approximately 700 additional sites throughout Kuwait. The company is known for providing essential tower infrastructure services that support the growing telecommunications needs of the region.

About Zain Group: Zain is a leading telecommunications operator across the Middle East and Africa, serving 47.2 million active customers as of 30 September 2024. With a commercial presence in 8 countries, Zain provides mobile voice and data services in: Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. 

About IHS Towers: IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is solely focused on the emerging markets. The Company has over 39,000 towers across its nine markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Nigeria, Rwanda, South Africa and Zambia.

Nader Al Awadh, Senior Partner of GLA & Co., stated, “This acquisition marks one of the most important landmark deals of the year in the State of Kuwait. It not only reflects the confidence in the telecommunications sector but also showcases Zain’s commitment to enhancing digital infrastructure in the region. By consolidating its ownership of IHS Kuwait Limited, Zain is strategically positioning itself to lead the market in telecommunications services, further enhancing its competitive edge.”

Alex Saleh, Managing Partner at GLA & Co., added, “This deal further confirms GLA’s role as the top regional law firm, especially in our key practice areas of Corporate and M&A as well as Regulatory. We are dedicated to providing unparalleled legal support in significant transactions that shape the future of the region. Our team worked meticulously to ensure that all aspects of the transaction were handled with the utmost professionalism and expertise, reflecting our commitment to our clients.”

The GLA & Co. deal team for this significant transaction was led by Partner Rana El Nahal, Legal Directors Suzanne Hashem and Mohammed Al Awadhi, supported by Associates Habiba Wahdan, Khaled Al Khashab, Jehan Saleh, and Farida Koura. GLA & Co.’s regulatory team was spearheaded by Legal Director Asad Ahmad, alongside Associates Liana Rashid, Salma Farouq, Khaled Al Makhezeem, and Amr Awwad, showcasing the firm’s depth of expertise in navigating complex legal landscapes.

For Zain’s press release, please see here.

For IHS’s press release, please see here.

 

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