Doha, October 22 (QNA) - Ooredoo Group and Zain Group today announced the first closing of their regional tower transaction, bringing together the initial tower portfolios within a regional tower platform jointly owned by Ooredoo Group and Zain Group, each holding a 50% stake.

The first closing combines the tower assets of Ooredoo Qatar (Al Abraj) and Zain Kuwait (ITK) within the platform. Together, these portfolios comprise approximately 4,000 towers, the two companies said in a press release.

The transaction is expected to create significant value through greater scale, capital efficiencies and a dedicated operating model focused on passive telecommunications infrastructure. As it expands, the tower platform will support the delivery of infrastructure-as-a-service, creating opportunities for operators to access infrastructure in a more capital-efficient manner while supporting the continued development of the region’s digital infrastructure.

Additional tower portfolios are expected to be integrated progressively into the platform, subject to applicable closing conditions and required regulatory and other approvals.

Group Chief Executive Officer of Ooredoo Group Aziz Aluthman Fakhroo said: "Completing this first closing marks an important milestone in building a regional tower platform designed to create significant value, with a clear path to expansion through additional market contributions."

"With this milestone, we are now executing across every digital infrastructure segment identified in our strategy as we continue building a leading regional portfolio."

Zain Vice-Chairman & Group CEO Bader Al-Kharafi said: "This first closing of the tower platform marks a defining step in the evolution of digital infrastructure for both Zain and Ooredoo. It reflects our shared strategy of creating focused, scalable and sustainable platforms that unlock greater value from our assets while supporting the reduction of the region's carbon footprint."

Ooredoo and Zain will retain their respective active telecommunications infrastructure, including the technology, software and intellectual property required to operate and manage their telecommunications networks. (QNA)