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Helios Towers PLC said on Tuesday it has agreed to extend the long-stop date relating to its acquisition of Oman Telecommunications Co's passive tower infrastructure portfolio.
The date has now been extended to September 30 from July 12.
In May, Helios agreed to buy the infrastructure portfolio of Oman's largest mobile network operator for $575 million. The Africa-focused mobile phone tower developer then agreed to purchase 70% of the newly-incorporated holding company, which will hold Omantel's 2,890 site portfolio, in June.
Helios Towers said it had previously intended to be the sole purchaser, but explained that the rationale for the partnership was to combine the operational expertise of Helios with the local and regional expertise of Rakiza Telecommunication Infrastructure LLC, which will hold the remaining 30%.
The target assets are expected to deliver annual revenue of $59 million and adjusted earnings before interest, tax, depreciation and amortisation of $40 million in the first full year of operations.
Shares in the FTSE 250-listed firm were down 0.4% at 126.90 pence on Tuesday morning in London.
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