• The Public Investment Fund (PIF) is set to acquire a majority stake in the tower infrastructure unit of Saudi Arabia’s leading telecommunications company, marking a strategic move to establish the region's largest telecom infrastructure entity with an estimated annual revenue of $1.3 billion. In a significant development, Saudi Telecom Company (STC) announced the signing of a sale and purchase agreement (SPA) with PIF, agreeing to sell 51% of Telecommunications Towers Co. (Tawal) in exchange for a cash consideration.

• Following this agreement, PIF and STC Group will merge Tawal with Golden Lattice Investment Company (GLIC), a majority-owned entity of PIF, to form the largest regional telecommunications infrastructure company. Tawal, with an enterprise value of 21.94 billion riyals ($5.8 billion) and GLIC valued at SAR 3.03 billion ($807 million), will jointly establish the new entity. With PIF holding a majority shareholding of 53.99% and STC at 43.06%, the combined entity is projected to oversee approximately 30,000 towers across five countries, positioning itself as one of the global leaders in the tower infrastructure sector with anticipated annual revenues of $1.3 billion.