“Saudi Telecom Co.’s net income rose almost 6% year on year to 3.29 billion riyals ($877 million) in the first three months of the year, according to a statement on Wednesday. That beat the average analyst estimate for 3.15 billion. Revenue also exceeded expectations on the back of stronger activity in the commercial unit.”

-Bloomberg report. STC has made a string of global acquisitions over the last year, including a $2.25 billion stake in Spain’s Telefonica, and is said to be in pole position to acquire Altice’s Portuguese business. [Bloomberg.com]