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Mobile Telecommunications Co. Saudi Arabia, also known as Zain KSA, said it has received two no-objection letters from the Communications and Information Technology Commission regarding the acquisition of tower sites by a Public Investment Fund-led consortium.
The Saudi sovereign wealth fund had previously joined with Prince Saud bin Fahad and Sultan Holding Co. with an offer to acquire Zain KSA’s tower infrastructure, valuing them at $807 million.
Zain KSA noted in a bourse filing on Wednesday that the deal is subject to obtaining the required regulatory approvals.
The consortium offer will see the PIF acquiring a 60% stake, Sultan Holding Company acquiring 10%, and Prince Saud bin Fahd bin Abdulaziz acquiring 10%, Zain had said earlier. Zain KSA will own the remaining 20% stake, with the PIF having a call option to buy this remaining 20% for a specified amount.
(Reporting by Brinda Darasha; editing by Seban Scaria)
