Etihad Etisalat Co. (Mobily), Saudi Arabia’s second-largest mobile operator, is planning to sell about 10,000 telecom towers in the kingdom to raise cash, the Wall Street Journal has reported, citing two unnamed sources familiar with the deal.
Cash-strapped Mobily plans to generate between $1.5 billion and $2 billion from the transaction. It aims to raise cash after dramatically restating its profit as losses last year.
Sources close to the company told the newspaper that the deal will be the first of its kind in the Middle East, where a telecom company sells its infrastructure equipment.
The company has informed potential buyers, including investment funds and international mobile operators, about its intention to sell the towers.
Mobily has also appointed New York-based investment bank TAP Advisors and Analysys Mason for the process, the sources told WSJ.
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