Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has finalized a deal to buy a majority 51% share in Telecommunication Towers Company Limited (TAWAL) from STC Group (7010.SE). This acquisition marks a significant step towards establishing the largest telecom tower company in the region, according to a statement released by PIF and STC on Monday.
As per the terms of the agreement, PIF and STC will merge TAWAL with Golden Lattice Investment Company (GLIC) to form a new company. This company will manage approximately 30,000 mobile tower sites and is projected to generate annual revenues of about $1.3 billion, as outlined in their joint statement.
Ownership of the newly merged company will be distributed with PIF holding a 54% stake and STC 43.1%. The minority shareholders of GLIC will possess the balance of the share capital. Completion of these transactions is anticipated for the latter half of the year.
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