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5 December 20233 minute read

DLA Piper advises Ooredoo to create largest tower company in the MENA region valued at US$2.2 billion

DLA Piper represented Ooredoo Group (Ooredoo), a Qatari multinational telecommunications company, in entering into definitive agreements with Mobile Telecommunications Company K.S.P.C (Zain Group) and TASC Towers Holding to create the largest independent tower company in the MENA region valued at US$2.2 billion.

The combined enterprise will connect over 30,000 telecommunication towers across Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan, placing the MENA region on the world telecom tower map. The newly restructured entity will also operate under an independent model and provide passive infrastructure as a service throughout the region. Ooredoo and Zain will both retain a 49.3% stake, with the remaining equity going to TASC, which will manage the operations of the joint venture.

The DLA Piper team was led by partners Dr. Ehab Elsonbaty (chair of DLA Piper’s US/Middle East Initiative) and Ben Forgiel-Jenkins (Corporate, London).  

“We’re very excited to have worked with Ooredoo on this landmark transaction,” said Dr. Ehab Elsonbaty, chair of DLA Piper’s US/Middle East Initiative and the partner who led the cross-border deal team. “The new tower company is the next step in Ooredoo evolving its telecommunications business and further cements the MENA region as a key player in the industry’s global landscape.” 

Alongside Elsonbaty (New York) and Forgiel-Jenkins (London), the DLA Piper team included partners Mike Hazzard (Washington, DC), Mike Conradi (London) and Duncan Pickering (Birmingham); consultant Edward Smith (London), legal counsel Stanley Stewart (London); associates Caroline Magor, Joseph Lyons, Philippa Parkinson and Anshul Asri (all London), Sean Cope and Nicola De Sylva (Dubai) and Elias Al-Far (Doha); and legal project manager Dervla Magennis (London).

The Ooredoo Group team included Hilal Al Khulafi, Chief Legal and Regulatory & Governance Officer; Georges Abi Saab, General Counsel; Thomas Chevanne, Head of M&A; and Rene Werner, Chief Strategy Officer.

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 13 consecutive years, according to Mergermarket, and ranked as a top five most active VC legal advisor in the US and number one in VC, PE and M&A in combined global deal volume according to PitchBook

DLA Piper’s Telecom Practice is ranked Band 1 by both Chambers USA and US Legal 500 for its top-tier work on telecom regulatory matters and transactions. With lawyers and other telecom specialists worldwide, DLA Piper is also well positioned to assist clients with multi-country and global deals in addition to regional and global strategies for market entry and product development.