The Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, as announced by Zain, has made a non-binding offer to acquire a 60% stake in the towers of Kuwaiti-based Zain KSA.
Zain also indicated in its Tuesday statement that two other investors also made similar offers but in this case for a 20% stake. These offers give the towers a US$807 million valuation.
These deals, once finalized, will leave Zain KSA with a 20% stake. The firms plan to sell off its passive, physical towers infrastructure while keeping control of all other wireless communication antennas, software, technology, and Ips.
The firm also identified the two other investors who offered to acquire a 10% stake each as Prince Saud Bin Fahad and Sultan Holding Company.
Data made available by Refinitiv Eikon shows that about 37% of Zain KSA’s operations are owned and controlled by Kuwaiti telecommunications firm Zain.
“Zain KSA will be working with the different parties on the best way to execute the offer,” the firm indicated in its statement.
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