Saudi Arabia’s TAWAL raises $1.42 bln to buy European towers from United Group

DUBAI: Saudi Arabia’s TAWAL raised $1.42 billion in Islamic financing to fund the acquisition of the mobile telecommunications infrastructure unit of United Group in Bulgaria, Croatia and Slovenia, parent Saudi Telecom Company (STC) said on Sunday.

TAWAL agreed in April to buy tower infrastructure worth 1.22 billion euros ($1.34 billion) from United Group in its first foray into Europe’s telecoms market.