Telecom Egypt receives offers for network towers up to $250M

CAIRO - 18 December 2023: Three local and foreign companies are currently in competition to acquire the majority of Telecom Egypt's towers, in a deal estimated to range between $150 and $250 million, according to sources cited by local media.

Telecom Egypt intends to sell approximately 2,500 out of its 2,800 owned communications towers.

The sources have identified the three companies as IHS Towers, Mobi Tower, and Helios Towers. The completion of the transaction is expected to take place during the first quarter of 2024.

In response to recent reports, Telecom Egypt has confirmed in a statement that it received multiple non-binding purchase offers for its tower assets. However, the company has not disclosed specific details about the number or specifics of these offers.

Despite a 3.7-fold increase in financing costs, Telecom Egypt achieved a net profit of LE 9.1 billion during the period from January to September 2023.

These positive financial results were driven by improvements in operational performance and a substantial 67 percent increase in investment revenues, totaling LE 3.4 billion.

Earlier this year, the Ministry of Finance initiated the sale of 162.2 million shares of Telecom Egypt at a price of LE 23.11 per share, with a total value of LE 3.7 billion.