Warid Telecom (Private) Limited, a wholly owned subsidiary of Abu Dhabi Group operating in Pakistan, and Towershare (a company headquartered in Dubai, UAE), today announced a deal under which Towershare’s Pakistan entity will acquire more than 4,500 towers nationwide from Warid under a sale and leaseback arrangement.
A statement from tower share said this deal is part of Warid’s long term strategy to remain the market leader in innovation, network quality and exceeding customer expectations with accelerated 2G and LTE rollout.
As a result of this move, Warid will also witness reduction in capital expenditure and deleveraging of its balance sheet.
In addition to Warid, Towershare will lease space on the towers to multiple other operators, whilst introducing best in class site management solutions to reduce operating costs and increasing efficiencies.
For Towershare and the tower industry in Pakistan, this deal signals a major step towards the consolidation necessary to improve and expand telecoms infrastructure across the nation.
Towershare is already the leading passive infrastructure sharing company in Pakistan and is rapidly seeking to expand throughout the region.