RIYADH: Saudi Arabia’s Public Investment Fund has submitted a non-binding offer to acquire a 51 percent stake in the telecom towers unit of Saudi Telecom Co., known as stc.
stc will maintain the remaining 49 percent of Telecommunications Towers Co., or Tawal’s shares, according to a bourse filing.
Tawal is valued at SR21.9 billion ($5.85 billion) on a cash and debt-free basis.
The offer does not represent a binding commitment on both parties and is subject to completing the due diligence.
They will reach a final and binding agreement upon obtaining all regulatory approvals.
Saudi Telecom is a digital enabler of telecommunications services and is 64 percent owned by the PIF.