PIF to acquire a 51% stake in Telecommunications Towers Company from Saudi Telecom Company for $3bn.

Public Investment Fund, the sovereign wealth fund of Saudi Arabia, offered to acquire a 51% stake in Telecommunications Towers Company, a provider of ICT infrastructure in KSA, from Saudi Telecom Company, the Saudi digital enabler of telecommunications services in the Kingdom of Saudi Arabia, for $3bn. If completed, the financial impact of the potential acquisition is forecast to be positive and material, stc said, adding that it will announce any material developments in due course.