The Public Investment Fund (PIF) and Saudi Telecommunications Company (stc Group) have announced the signing of definitive agreements, with PIF set to acquire a 51 percent stake in Telecommunication Towers Company Limited (TAWAL) from stc Group.
TAWAL, valued at $5.85bn according to the agreement, is the largest telecommunications infrastructure company in Saudi Arabia and one of the region’s largest.
Following this, PIF and stc Group will merge TAWAL and Golden Lattice Investment Company (GLIC), in which PIF holds a majority stake, forming the largest regional company in the telecommunications infrastructure sector.
The new entity will be predominantly owned by PIF, with a 54 percent stake, and stc Group with 43.1 percent, while GLIC minority shareholders will retain the remaining issued share capital.
Raid Ismail, Head of MENA Direct Investments at PIF, stated that this development marks a significant milestone for the telecommunications industry, aligning with PIF’s strategy and Saudi Vision 2030 to enhance connectivity and support digital growth.
Motaz Alangari, Group Chief Investment Officer of stc Group, highlighted the agreements as part of the group’s strategy to promote sustainable growth and accelerate digital transformation in Saudi Arabia and the region.
The agreements demonstrate PIF and stc Group’s dedication to strengthening the Saudi telecommunications infrastructure sector and capitalising on its consolidated potential.
Moreover, TAWAL’s recent acquisition of infrastructure assets in Bulgaria, Croatia, and Slovenia underscores its emergence as the region’s leading independent tower company.
This announcement aims to bolster the resilience and international competitiveness of Saudi Arabia’s critical digital infrastructure and supports the objectives of Vision 2030.
Furthermore, it aligns with PIF’s and stc Group’s strategy to position Saudi Arabia as a globally competitive centre for the technology, media, and telecommunications sector.
