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The Public Investment Fund (PIF) said the acquisition of a stake in Mobile Telecommunication Company Saudi Arabia’s (Zain KSA) tower infrastructure will enhance the Saudi information and communication technology (ICT) sector.
The transaction will enhance the efforts to maximize efficiency of the tower infrastructure in the Kingdom, thereby boosting its financial sustainability.
The ICT is one of the locally-strategic sectors in the Kingdom, the PIF said in a statement received by Argaam. Through the deal, the fund seeks to develop and localize the latest technology and knowledge transfer.
The deal builds on PIF’s strategy to develop the Kingdom’s innovation capabilities and to position it as a globally competitive hub for technology, media, and telecom (TMT) .
As one of PIF’s strategic sectors domestically, the fund aims to enhance and develop the technology, telecom and media sector by localizing cutting-edge technology and knowledge in line with the Vision 2030 objectives.
The deal will also help Zain KSA move to a capex light model and focus its investments on innovation and value-added services that enhance user experience.
Zain KSA board of directors approved the final offers received from the PIF, Prince Saud bin Fahad, and Sultan Holding Co. after completing the due diligence and internal approvals of all parties to acquire stakes in Zain KSA’s tower infrastructure, Argaam reported.
The Kingdom’s sovereign wealth fund, Prince Saud bin Fahad, and Sultan Holding Company will acquire 60%, 10%, and 10% stakes in the tower infrastructure, respectively. On the other hand, Zain KSA will own the remaining 20% stake.
The PIF’s final offer also includes a call option that will grant the fund the right to buy the remaining 20% stake from Zain KSA for a certain consideration.
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