Zain Group has finalized the deal to sell its stake to a PIF-led consortium in their KSA’s 8,069 passive tower infrastructure for a value of 3 billion SAR, which accounts for almost $800 million.
The consortium offer will see the PIF acquiring a 60% stake through Golden Lattice Investment Company (GLIC), Sultan Holding Company acquiring a 10% stake, and Prince Saud bin Fahd bin Abdulaziz acquiring 10%. Zain KSA will own the remaining 20% stake.
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.
The deal is expected to result in a net profit of up to 1.1 billion riyals which accounts for almost $293 million. The acquisition was announced earlier last year.
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