The Public Investment Fund of Saudi Arabia and STC Group have signed final agreements through which the Fund will acquire a 51% stake in Tawal Company from STC Group, while STC will own a 43.1% stake.
Under the agreement, the fund and stc Group will merge Tawal and Letis Golden Investment Company with the aim of forming the largest telecom towers company in the region.
According to the deal, the total value of Twal is 21.94 billion Saudi riyals.
STC aims to rotate capital while retaining stakes in strategic assets of qualitative value.
The deals are expected to be completed in the second half of 2024, after obtaining all regulatory approvals and fulfilling the terms of the agreements.
