PIF & STC Group Merge to Lead Regional Telecom Infrastructure
The Saudi Public Investment Fund will partner with STC to form a new regional telecommunications company.
The Saudi Public Investment Fund (PIF) and STC Group have teamed up to enhance the telecom sector in Saudi Arabia, with PIF acquiring a 51% stake in Towers and Telecommunications Company (Tawal) from STC Group. Both entities will merge Tawal and Teles Golden Investments to create a leading regional telecom infrastructure company. PIF will hold 54% while STC Group will have 43.1%.
Following Tawal's acquisition of telecom assets in Bulgaria, Croatia, and Slovenia, it's poised to become a national leader in telecom towers and a major player in the region.
Expected to complete in late 2024 pending regulatory approval, this move aligns with the kingdom’s Vision 2030, aiming to boost digital transformation and innovation. The integration is set to improve network coverage and internet speeds while enhancing operational efficiency.
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