Zain KSA board approves bids for 80% stake in towers infrastructure for SAR 3.026 bln

Logo of Zain KSA

Mobile Telecommunications Company Saudi Arabia (Zain KSA) announced that the board of directors approved the non-binding offers received from the Public Investment Fund (PIF), Prince Saud bin Fahad bin Abdulaziz, and Sultan Holding Co., to acquire 60%, 10%, and 10% stakes, respectively, in its towers infrastructure.

Zain KSA will own the remaining 20% stake, the telecom operator said in a bourse filing. 

The offers estimated the value of 8,069 towers at SAR 3.026 billion ($807 million). 

Under the terms of the offers, Zain KSA will sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and IPs. 

The company will be working with different parties on the best way to close the acquisition.  

The offers submitted do not represent any binding commitment and the final agreements are subject to the approval of the official authorities, internal approvals of the respective acquirers, completion of satisfactory due diligence by the acquirers, and any other conditions that might be agreed between the parties. 

Any material developments will be announced in due course.

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