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Saudi PIF Merges Mobile Tower Firms to Create Regional Giant.

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  • Author(s): Khraiche, Dana (AUTHOR)
  • Source:
    Bloomberg.com. 4/22/2024, pN.PAG-N.PAG. 1p.
  • Additional Information
    • Subject Terms:
      ECONOMIC development; BUSINESS enterprises; PUBLIC investments
    • Abstract:
      Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has agreed to purchase a majority stake in Saudi Telecom Co.'s tower unit for $2.3 billion. The PIF plans to merge this unit with other local assets to create a new mobile tower giant. The new venture will be owned 54% by the PIF and 43% by Saudi Telecom. The entity will manage a portfolio of approximately 30,000 towers across five countries. The PIF is considering listing the new cellular towers company on the local stock exchange as part of its efforts to generate cash for Crown Prince Mohammed bin Salman's economic transformation plan, Vision 2030. The transactions are expected to be completed in the second half of the year. [Extracted from the article]
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