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HomeBusinessSaudi’s PIF Acquires Majority Stake in TAWAL for Telecom Expansion

Saudi’s PIF Acquires Majority Stake in TAWAL for Telecom Expansion

Merger to Create Largest Telecom Infrastructure Entity in the Region

May 10, 2024
in Business, PIF, Vision 2030
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The Public Investment Fund (PIF) alongside the Saudi Telecommunications Company (stc Group) has disclosed the completion of a definitive agreement that will see PIF take control of a 51% share in Telecommunication Towers Company Limited (TAWAL), previously held by stc Group. TAWAL, a leader in the telecommunications infrastructure market in Saudi Arabia and the region, is valued at an impressive $5.85 billion as per the terms of the agreement.

Following this acquisition, PIF and stc Group aim to integrate TAWAL with Golden Lattice Investment Company (GLIC), where PIF also has a majority stake. The resultant merged corporation is set to become the premier entity in the telecommunications infrastructure field within the region. Ownership will be distributed with PIF holding a 54% stake and stc Group 43.1%, while the minority shareholders of GLIC will retain the remaining shares.

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The consummation of these transactions is anticipated for the latter half of 2024, pending the approval of regulatory authorities and fulfillment of other conditions outlined in the agreements.

Raid Ismail, who spearheads MENA Direct Investments at PIF, remarked on the significance of the move, stating, By bringing together the assets of GLIC and TAWAL, we will establish a consolidated platform on which the telecommunications sector can flourish and give people a better experience to best connect communities and businesses. He also emphasized how this aligns with PIF’s strategic vision and the ambitious Saudi Vision 2030, highlighting the pivotal role of connectivity in societal and economic growth.

Expressing a similar sentiment, stc Group’s Group Chief Investment Officer, Motaz Alangari, pointed out that the agreements align with stc Group’s strategy to foster sustainable growth, maximize value, and support digital transformation within the region. He noted that the merger is a strategic move to consolidate the Saudi tower market and enhance operational excellence and customer value.

The new conglomerate is expected to dramatically improve consumer experiences and network coverage, bolster connectivity and mobile internet speeds, and drive innovation in the telecommunications sector both regionally and globally. It is projected to manage roughly 30,000 mobile tower sites and generate estimated annual revenues of around $1.3 billion, making it one of the largest such companies worldwide.

This alliance between PIF and stc Group aims to fortify and integrate Saudi Arabia’s telecommunication infrastructure, boosting its resilience and international competitiveness. It supports Vision 2030’s goals and both entities’ strategies to position Saudi Arabia as a dynamic and globally competitive hub in the technology, media, and telecommunication sectors.

Tags: PIFSaudi Vision 2030stc GroupTAWALTelecom Merger
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