Telecom Egypt is in discussions with three companies over a potential sale and lease-back of a portion of its tower portfolio.

Daily News Egypt reported earlier this week that bids range from $150 million to $250m.

Telecom Egypt is looking to shift 2,500 of the company's 2,800 towers.

IHS Towers, Mobi Tower, and Helios Towers are the three companies interested in the assets, according to the publication.

All three firms are carrying out due diligence ahead of a potential acquisition, with a final sale price to be determined. The entire transaction is expected to be finalized by the first quarter of 2024.

The telco is selling the assets as it looks to raise funds for the development of its 5G network rollout.