RIYADH: Saudi Arabia’s Public Investment Fund, has joined up with Prince Saud bin Fahad and Sultan Holding Co. to acquire an $807 million stake in Zain KSA’s tower infrastructure.

The company, formally known as Mobile Telecommunication Co., will transfer 80 percent of its share capital to the acquirers, according to a bourse filing.

 As per the offer with the PIF, the company will grant the sovereign wealth fund the right to buy the remaining 20 percent stake at a certain amount.

The three deals will see the telecom firm sell its towers infrastructure comprising 8,069 towers while retaining wireless communication antennas, software, technology, and intellectual property.

In a statement to the stock exchange, Zain KSA noted that the execution of the offers is subject to obtaining necessary regulatory approvals.

 

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