DUBAI: The Indonesian unit of Qatar’s Ooredoo has agreed the $750 million sale and leaseback of 4,200 telecommunications towers.
Ooredoo shares gained 1.5 percent in early trade on Wednesday.
The deal with Edge Point Singapore, part of Digital Colony, is one of the largest transactions of its kind ever done in Asia, Ooredoo said in a stock exchange filing on Wednesday.
“This will help us unlock significant capital and enable us to focus on our core mission of delivering outstanding digital and enterprise services to our customer base,” said Ooredoo Managing Director Aziz Aluthman Fakhroo,
It is part of a broader push by the Qatari telecommunications giant to “a more efficient and flexible asset light model and unlock the trapped value of its infrastructure portfolio,” it said.
Prior to this deal, Ooredoo had a global portfolio of about 27,000 owned towers.
JP Morgan acted as financial adviser to Indosat Ooredoo on the deal.