Qatar's telco Ooredoo, Kuwait’s Mobile Telecommunications Company (Zain Group) and UAE’s TASC Towers Holding have signed definite agreements to create the “largest” tower company in the MENA region in a cash and share deal.

The new entity, comprising 30,000 towers, will have a combined estimated enterprise value of $2.2 billion, the companies said in a joint statement on Tuesday.

Ooredoo and Zain will equally retain a 49.3% stake each in the newly restructured entity.

TASC founders will keep the remaining stake and will continue to manage the operations of the business.

Ooredoo’s tower network in Oman is following a stand-alone process, the statement said.

The tower entity is expected to achieve run-rate revenues close to $500 million annually.

The transaction is expected to be completed in 2024, subject to regulatory approvals, the statement said.          

(Editing by Brinda Darasha;