• Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
Saudi Business News
Thursday, May 8
02:03
26 °c
Riyadh
No Result
View All Result
Saudi Business News
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
No Result
View All Result
Saudi Business News
No Result
View All Result

HomeBusinessStrategic Telecom Expansion: PIF Acquires Majority Stake in Tawal

Strategic Telecom Expansion: PIF Acquires Majority Stake in Tawal

Saudi Arabia’s PIF to Lead Telecom Infrastructure with New Merger

May 10, 2024
in Business, PIF, Vision 2030
Reading Time: 2 mins read
153
SHARES
1.9k
VIEWS
Share on FacebookShare on XShare on LinkedInShare on Telegram

Saudi Arabia’s Public Investment Fund (PIF) has reached an agreement to purchase a 51 percent share in the kingdom’s largest telecommunications infrastructure provider, Telecommunication Towers Company Limited (Tawal), from the Saudi Telecommunications Company (STC Group).

The deal assigns Tawal an enterprise value of $5.85 billion and is a strategic move in the consolidation of telecom infrastructure assets within the country.

RelatedPosts

Private Aviation Expansion in Saudi Arabia: New Charter Rules

Saudi Arabia Startup Expansion: Key Steps for Success

Esports World Cup: Saudi Arabia’s $70M Gaming Investment

In an ambitious move to create the leading entity in the region’s telecom infrastructure sector, PIF and STC Group will merge Tawal with Golden Lattice Investment Company (GLIC), another PIF-majority-owned firm. The combined company will not only be the largest in the Middle East but will also boast an impressive portfolio of 30,000 telecommunications towers and expected annual revenues of around $1.3 billion.

Following the merger, the PIF will hold a 54 percent ownership in the new conglomerate, while STC Group will retain a 43.1 percent stake. The balance will be owned by GLIC’s minority shareholders.

This strategic transaction is anticipated to conclude in the latter half of the year, pending the satisfaction of regulatory approvals and other standard closing conditions.

The acquisition was initially hinted at in October 2022 when PIF made an overture to take a controlling interest in STC’s tower unit. Today’s announcement is a significant milestone for the telecommunications industry in Saudi Arabia and the wider region, stated Raid Ismail, who helms MENA direct investments at PIF. He emphasized the merger’s alignment with the Saudi Vision 2030 objectives, which focus on diversifying the nation’s economy beyond the oil sector and enhancing digital connectivity.

STC has voiced that this agreement aligns with its strategic imperative to expedite the digital evolution of Saudi Arabia and the surrounding region. In a show of its expanding reach, Tawal had previously ventured outside the Middle East with its acquisition of European telecom tower assets valued at $1.34 billion from United Group, covering locations such as Bulgaria, Croatia, and Slovenia.

Tags: PIF AcquisitionSaudi Vision 2030stc GroupTawal TelecomTelecom Infrastructure
Share61Tweet38Share11Share

© 2025 Copyright, Saudi Business News

No Result
View All Result
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line

© 2025 Copyright, Saudi Business News

Go to mobile version