This strategic acquisition, valued at $5.85 billion, is set to reshape the region’s telecom landscape.
The purchase of the majority stake in Tawal was previously held by the Saudi Telecommunications Company (STC Group), signifying a pivotal shift in ownership and consolidation within the industry. As part of this transformative initiative, PIF and stc Group will merge Tawal with Golden Lattice Investment Company (GLIC), an entity in which PIF holds a significant share.
The new merged entity, with PIF owning 54% and stc Group owning 43.1%, is poised to revolutionize network coverage, connectivity, and mobile internet speeds across the Kingdom. This consolidation of tower assets will not only lead to operational efficiencies but also foster innovation and support a more efficient business environment.
Raid Ismail, Head of MENA Direct Investments at PIF, heralded this development as a milestone not only for Saudi Arabia’s telecom industry but also for the wider region. Ismail emphasized the significance of enhanced connectivity in driving economic growth and societal development, aligning with PIF’s strategic objectives and the Saudi Vision 2030.
Furthermore, the agreement between PIF and stc Group is aligned with Saudi Vision 2030, focusing on developing a more interconnected digital future and enabling growth through reliable connectivity. Tawal’s recent acquisitions in Bulgaria, Croatia, and Slovenia position it as a leading player in the region’s telecom infrastructure sector.
