PIF and stc Group merge two of MENA’s largest towercos
TowerXchange is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

PIF and stc Group merge two of MENA’s largest towercos

PIF takes a further step towards consolidating Saudi Arabia’s tower industry


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.



The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Subscribe Login
Gift this article