Zain Saudi Arabia agrees to PIF’s offer to acquire a 60% stake in telecom towers

Zain Saudi Arabia agrees to PIF’s offer to acquire a 60% stake in telecom towers
Zain Saudi Arabia agrees to PIF’s offer to acquire a 60% stake in telecom towers

The Saudi Mobile Telecommunications Company, “Zain Saudi Arabia”, announced its board of directors’ approval of the non-binding offers submitted by the Public Investment Fund, Prince Saud bin Fahd bin Abdulaziz, and Sultan Holding Company, to acquire stakes in the infrastructure of the Zain Saudi towers, at rates They are 60%, 10%, and 10%, respectively.

Zain Saudi Arabia will retain ownership of the remaining 20% ​​stake. The bids estimated the value of the infrastructure (consisting of 8,069 towers) at 3.026 billion Saudi riyals ($807 million), according to a company statement on the Saudi market website “Tadawul”.

Under the terms of the Offers, Zain KSA sells only the structure of the towers, while retaining ownership of all other components of the wireless communications antennas, software, technology and intellectual property.

Zain Saudi Arabia stated that it will work with all parties to determine the best way to complete the acquisitions, bearing in mind that the submitted offers are not binding, and that the final agreements are subject to the approval of the official authorities, the internal approvals of all parties, the completion of due diligence checks, and any other conditions agreed upon between the parties. .

Any significant developments in this regard will be announced.

On the other hand, “Zain Saudi Arabia” announced in a separate statement, today, Tuesday, that it had not reached an agreement regarding the formation of an alliance to acquire the communications towers owned by both Mobily and Zain Saudi Arabia and to merge and unify these towers under a commercial entity registered in the Kingdom of Saudi Arabia under the name of “Al-Abraj Company”, thus dissolving the previously announced alliance, while “Zain Saudi Arabia” continues to search for the best strategic options to achieve the interest of the company and its shareholders.

 
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