Public Investment Fund, Sultan Holding and Saud bin Fahad to acquire an 80% stake in Zain Saudi Arabia for $807m.

Saudi Arabia’s sovereign wealth fund Public Investment Fund, Saudi Arabia-based holding company Sultan Holding and Prince Saud bin Fahad, agreed to acquire an 80% stake in Zain Saudi Arabia, a telecommunication company, for $807m. PIF made a non-binding offer to acquire a 60% stake in Zain Saudi, while Sultan Holding Company offered to buy a 10% stake in Zain Saudi’s towers. Saudi Prince Saud bin Fahad offered to buy a 10% stake in Zain Saudi’s towers. If the deal goes ahead it would be the first sale of telecommunications infrastructure in the kingdom, despite years of the three main mobile operators trying to reach a deal with each other or with external investors.