Saudi Arabia’s sovereign wealth fund The Public Investment Fund (PIF) has reached an agreement with mobile network operator Saudi Telecommunications Company (stc Group) for PIF to acquire a 51% stake in Telecommunication Towers Company (TAWAL) from stc Group.
Subsequently, PIF and stc Group will consolidate TAWAL and Golden Lattice Investment Company (GLIC or Latis), in which PIF holds a majority shareholding, into a new entity. This new towerco will be 54% and 43.1% owned by PIF and stc Group, respectively, with GLIC minority shareholders owning the remaining issued share capital.
The transaction is expected to be completed in the second half of 2024 after obtaining all required regulatory approvals and satisfying other necessary conditions under the agreements.
Raid