PIF and stc Group Finalize $5.85 Billion Deal to Create Largest Telecom Tower Company in MENA
The Public Investment Fund (PIF) of Saudi Arabia has agreed to buy a 51% stake in Telecommunication Towers Company Limited (TAWAL) from the Saudi Telecommunications Company (stc Group) for $5.85 billion.
This acquisition will consolidate TAWAL and Golden Lattice Investment Company (GLIC) into a new entity, which will become the largest telecom tower company in the region.
The new entity, owned 54% by PIF and 43.1% by stc Group, aims to improve the efficiency and reach of the telecommunications infrastructure sector.
The merger is expected to be completed in the second half of 2024, subject to regulatory approvals.
Raid Ismail, Head of MENA Direct Investments at PIF, highlighted the importance of this merger in promoting growth in the regional telecommunications industry.
Motaz Alangari, the Group Chief Investment Officer of stc Group, announced a strategic move to optimize sustainable value and accelerate digital transformation in Saudi Arabia and beyond.
This involves the formation of a new entity aimed at revolutionizing consumer experiences and network capabilities, leading to enhanced connectivity and paving the way for future technological advancements in the telecommunication sector.
This development positions the Saudi telecommunication sector as a global leader, supporting the nation's goals to become a technology and innovation hub.
The new entity, owned 54% by PIF and 43.1% by stc Group, aims to improve the efficiency and reach of the telecommunications infrastructure sector.
The merger is expected to be completed in the second half of 2024, subject to regulatory approvals.
Raid Ismail, Head of MENA Direct Investments at PIF, highlighted the importance of this merger in promoting growth in the regional telecommunications industry.
Motaz Alangari, the Group Chief Investment Officer of stc Group, announced a strategic move to optimize sustainable value and accelerate digital transformation in Saudi Arabia and beyond.
This involves the formation of a new entity aimed at revolutionizing consumer experiences and network capabilities, leading to enhanced connectivity and paving the way for future technological advancements in the telecommunication sector.
This development positions the Saudi telecommunication sector as a global leader, supporting the nation's goals to become a technology and innovation hub.
Translation:
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