Saudi Arabia's Public Investment Fund acquires a 51% stake in TAWAL from STC Group, forming one of the largest global telecom tower companies.

Saudi Arabia's Public Investment Fund (PIF) acquires a 51% stake in TAWAL, the largest telecommunications infrastructure company in Saudi Arabia, from Saudi Telecommunications Company (STC Group). The merged company, combining TAWAL and PIF's Golden Lattice Investment Company, will become one of the largest telecom tower companies globally and own 30,000 mobile tower sites. The deal is expected to boost consumer experience, network coverage, and improve connectivity and mobile internet speeds. It is subject to regulatory approval and expected to close in the second half of 2024.

April 22, 2024
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