Zain Group announced that the Board of Directors of Zain Saudi Arabia (Zain KSA) has approved the binding offer submitted by the Saudi’s Public Investment Fund (PIF) led consortium to acquire a 80% majority stake in Zain KSA’s 8,069 passive tower infrastructure for a value of SAR 3.026 billion which accounts to $807 million.

The consortium offer will be as follows: the PIF will acquire a 60% stake, Sultan Holding Company acquires 10%, and Prince Saud bin Fahd bin Abdulaziz acquires 10%. Zain KSA will own the remaining 20% stake, with the PIF having a call option to buy this remaining 20% for a specified amount.

Zain KSA will sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and intellectual property with respect to managing its telecom network.

“This transaction creates enormous shareholder value and gives Zain KSA greater financial muscle to invest in cutting-edge technologies and innovation that enhance the customer mobile and data experience. We congratulate the Kingdom’s leadership, the PIF and regulatory authorities for their wisdom in creating an environment that raises the telecom sector to new heights in line with Saudi Vision 2030,” Bader Al Kharafi, Zain Vice Chairman and Group CEO, and Zain KSA Vice-Chairman, said.

The completion of this transaction in Saudi Arabia, follows similar pioneering tower deals Zain has completed in its operations in Kuwait and Jordan.