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Mobile Telecommunication Company Saudi Arabia (Zain KSA) said the Communications and Information Technology Commission (CITC) approved the acquisition of 8,069 towers by the telecom operator’s subsidiary, Zain Business Co.
Zain KSA received the CITC’s approval on May 28, the company said in a statement to Tadawul.
The acquisition will be completed after Zain Business, which offers wholesale infrastructure services for Class A towers and masts, obtains a license, after fulfilling the regulatory requirements.
In addition, the telco's subsidiary will complete the necessary procedures to obtain the license in line with the rules and regulations.
This event is linked to the previously announced final offers submitted by the Public Investment Fund (PIF), Prince Saud bin Fahad and Sultan Holding Co. (SHC), each acquiring stakes in Zain Business, representing their stakes in the tower infrastructure as stated earlier.
Zain KSA will work with the parties on the most suitable way to execute the final offers. However, the final offers are subject to obtaining the required approvals from the relevant authorities and other conditions that may be agreed upon between the parties.
The company will announce any material developments in due course.
In February, Zain KSA’s board of directors approved the final offers received from PIF, Prince Saud bin Fahad and SHC in its towers infrastructure.
The final offers, comprising 8,069 towers, were valued at SAR 3.026 billion.
PIF, Prince Saud bin Fahad, and SHC will acquire 60%, 10%, and 10% stakes, respectively, in the tower infrastructure. On the other hand, Zain KSA will own the remaining 20% stake.
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