Qatar Telecom Unit Agrees $406 Mln Tower Deal With Tower Bersama

Qatar Telecom QTEL.QA unit Indosat ISAT.JK has concluded a sale and leaseback agreement worth $406 million with Tower Bersama Infrastructure TBIG.JK (TBIG), the Qatari firm said in a statement on Sunday.

The deal, which covers 2,500 towers, will be financed using cash and newly-issued shares worth 5 percent of TBIG’s enlarged share capital, the statement said.

Proceeds from the sale will be used to repay outstanding debt and to finance investment and other general corporate purposes at Indosat.

Shareholders of TBIG, as well as bondholders and lenders of Indosat, have assented to the transaction.

Zawya