Saudi Telecom Co. (STC) and Etihad Etisalat Co. (Mobily) are seeking to appoint a joint adviser as they move forward on their plan to merge mobile towers, Reuters reported citing unnamed industry sources.
Requests for proposals have been sent to investment banks and other financial institutions asking them to provide their proposals as joint advisors for the process, the sources added, without revealing a timeline for the process.
The Saudi largest two telecom operators are looking to cut costs by offloading towers either by selling them to a private investor or by merging their networks together.
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