TAWAL, a unit of Saudi Telecom Company (stc), agreed to buy tower infrastructure worth 1.22 billion-euros ($1.34 billion) from United Group in its first foray into Europe’s telecoms market,” Reuters reports.
The state-backed firm’s Tawal infrastructure arm will pay cash for a portfolio of more than 4,800 towers in Bulgaria, Croatia and Slovenia, according to a statement Thursday.
The acquisition “supports stc Group’s ambitious strategy to expand its international footprint in key markets with significant growth potential,” stc, majority owned by Saudi Arabia’s sovereign Public Investment Fund, said in a statement.
Tawal already owns more than 16,000 towers.
According to Bloomberg, “Middle Eastern telecom operators flush with cash have recently started stepping up their overseas investments, with Emirates Telecommunications Group Co. emerging as the biggest shareholder in Vodafone Group Plc with a roughly $4 billion stake.”
