Saudi wealth fund weighs deal to form mobile towers giant
Published 03 Nov,2021 via Bloomberg Technology & Innovation–The Public Investment Fund is weighing a deal to combine the mobile phone infrastructure of Saudi Telecom Co. and Zain Saudi Arabia in a merger that would form the kingdom’s largest cellular towers company, according to people familiar with the matter.
If completed, the deal would create a firm with 23,000 towers, which the Saudi wealth fund could potentially list on the local bourse, the people said. A merger would cut overlap in places where both firms have towers, making it more efficient to invest in upgrading coverage and mobile internet speeds, they said, asking not to be identified as the information is private.
The talks are still at an early stage and the PIF, as the wealth fund is known, may decide against the transaction. The PIF declined to comment while STC and Zain Saudi didn’t immediately respond to requests for comment.
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