Finance Saudi Telecom raises $1.34bn to buy European towers By Pramod Kumar August 28, 2023, 8:17 AM Reuters TASC Towers will continue to operate independently with a board of non-Zain majority members Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 billion to fund the deal, which received regulatory approvals on August 24, STC said in a statement to the Saudi Exchange. Saudi Telecom’s H1 revenue hits record high at $9.7bn Dubai tech company buys Virgin Mobile Latin America Talks begin to set up Mena’s largest telco tower venture Saudi National Bank, the biggest lender in Saudi Arabia, contributed $1.02 billion to the loan, of which $300 million was a bridge loan. UAE-based Dubai Islamic Bank and First Abu Dhabi Bank provided a loan of $250 million and $150 million, respectively. The financial impact of the transaction will be reflected in the third-quarter earnings. As part of the 20-year master services agreement with United Group, Tawal will deploy over 2,000 additional sharable sites, while co-location relationships with other mobile network operators will be maintained and expanded. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
