PIF and stc Group sign definitive agreements to form region s largest telecom tower company webwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from webwire.com Daily Mail and Mail on Sunday newspapers.
Saudi Arabia s sovereign wealth fund PIF has agreed to acquire a 51% stake in Telecommunication Towers Company Limited from STC Group, paving the way for the creation of the region s largest.
PIF Agreed To Acquire A 51% Stake In TAWAL: Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.