Saudi Gazette report

RIYADH — The Public Investment Fund (PIF) and Saudi Telecommunications Company (stc Group) have finalized definitive agreements for PIF to acquire a 51% stake in Telecommunication Towers Company Limited (TAWAL) from stc Group, valued at $5.85 billion. This acquisition marks a pivotal step in consolidating TAWAL and Golden Lattice Investment Company (GLIC) into a new entity, set to become the largest telecom tower company in the region.

Owned 54% by PIF and 43.1% by stc Group, with the remainder held by GLIC minority shareholders, this new merged entity aims to enhance the telecommunication infrastructure sector's efficiency and reach. The transaction is slated for completion in the second half of 2024, pending regulatory approvals.

Raid Ismail, Head of MENA Direct Investments at PIF, emphasized the significance of this merger in fostering a robust platform for regional telecommunications growth. Motaz Alangari, Group Chief Investment Officer of stc Group, highlighted the strategic move to optimize sustainable value and accelerate digital transformation in Saudi Arabia and beyond.

The formation of this new entity is expected to revolutionize consumer experiences and network capabilities, enhancing connectivity and paving the way for future technological advancements in the sector. This move further positions the Saudi telecommunication sector as a leader on the global stage, supporting the nation's goals to become a hub for technology and innovation.