Brookfield Said to Near First Deal in #Oman With Telco Firm Stake - Bloomberg

Brookfield Said to Near First Deal in Oman With Telco Firm Stake - Bloomberg

Brookfield Asset Management Ltd. is nearing a deal to invest in a telecommunications tower operator in Oman, according to people familiar with the matter, marking the firm’s first foray into the sultanate.

The global investment manager is close to buying a majority stake in Oman Tower Co., which operates around 2,400 telecom sites across the country, the people said, requesting anonymity as the information is not yet public.

Investment bank PJT deNovo is advising the sellers, the people added. Financial terms of the potential transaction were not immediately available.

Representatives for Brookfield and PJT deNovo declined to comment, while OTC did not respond to requests for comment.

The deal for OTC is the latest commitment by Brookfield in the Gulf region where it has become one of the biggest foreign investors in recent years. The firm has been deploying money in sectors ranging from infrastructure to real estate and private equity.

Globally, Brookfield owns and operates assets across the utilities, transport, midstream and data infrastructure sectors — including the world’s second-largest portfolio of telecom towers.

OTC, established in 2018, works with Oman’s major mobile network operators. Burooj Telecommunication Networks and Al Surooh Investment will remain strategic investors, the people said.

Oman has long lagged regional peers such as the United Arab Emirates and Saudi Arabia in overhauling its domestic economy. But in recent years, it has stepped up efforts to sell state-owned assets and deepen capital markets as part of a broader push to diversify away from oil dependence. Earlier this month, the sultanate announced plans to impose income tax, becoming the first Gulf state to do so.