Saudi’s PIF and STC agree deal to create region’s largest telecom tower company

Saudi Arabia’s sovereign wealth fund PIF has agreed to acquire a 51% stake in Telecommunication Towers Company Limited (TAWAL) from STC Group , paving the way for the creation of the region’s largest telecom tower company, PIF and STC said on Monday.

Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.

The combined new entity will be owned 54% by PIF and 43.1% by STC, while GLIC minority shareholders will own the remaining share capital. The deals are expected to be completed in the second half of the year.