05 May 2023
Saudi Arabia-based stc struck a deal worth €1.2 billion to acquire a portfolio of 4,800 towers from United Group, marking its infrastructure unit Tawal’s entrance into Europe.
stc will make the acquisition through Tawal, expanding the unit’s current portfolio of more than 16,000 towers spread across Saudi Arabia, into three European markets: Bulgaria, Croatia, and Slovenia. Payment will be made in cash, on a debt free basis, and it will look to maintain current relationships with operators in the countries upon completion.
As part of a 20-year master services agreement with United Group, Tawal has also committed to deploy more than 2,000 additional shareable sites.
The United Group deal is subject to regulatory approval in Bulgaria and Slovenia, and Tawal’s operations in the continent will be branded as Tawal Europe, serving as a platform for further expansion.