Headline: STC’s Tawal Acquires Telecom Towers Assets
Acquiror: Saudi Telecom Company (STC)
Target: United Group
Target Services: Telecom Infrastructure
Valuation: $1.33 bn
Target Industry: Telecommunications
Rationale: STC’s infrastructure unit Tawal completes the acquisition of United Group’s telecommunications tower assets for €1.22 billion ($1.33 billion). This marks Tawal’s first investment in Europe and increases its telecom tower portfolio to over 21,000 across five countries. The financial impact will be disclosed in STC’s third quarter earnings release.
Summary: Saudi Telecom Company’s infrastructure unit Tawal has successfully finalized the acquisition of United Group’s telecommunications tower assets for $1.33 billion. Tawal’s investment in Europe expands its telecom tower portfolio to more than 21,000 towers across five countries.