TAWAL, an infrastructure provider that emerged in 2018 from Saudi Telecom Company STC, has agreed to acquire tower infrastructure valued at 1.22 billion euros, $1.34 billion from United Group in its initial venture into Europe's telecommunications market, the southeast European firm said on Thursday. TAWAL's acquisition of $1.34 billion marks TAWAL's entry into the European market.
The deal includes the United Group's mobile infrastructure unit, which comprises over 4,800 towers in Bulgaria, Croatia, and Slovenia, United Group said in a statement.
The transaction enhances STC Group's ambitious strategy to expand its global presence in key markets with significant growth potential, STC, majority owned by Saudi Arabia's sovereign Public Investment Fund, said in a statement.
TAWAL, a private equity firm backed by private equity firm BC Partners, said it was TAWAL's first investment in Europe's telecoms sector.
On completion, TAWAL's operations in the European market will be rebranded as TAWAL Europe and will serve as TAWAL's platform for any future expansion in Europe, STC said.
TAWAL, founded in 2004 as a branch of Saudi Telecom Company, is a Saudi Arabian company that provides infrastructure and services for telecommunications. Since 2008, the company has been operating in a self-sufficient fashion. TAWAL provides design, construction, and operation of telecommunications infrastructure, among other areas of expertise.
TAWAL provides fiber optic network solutions, microwave links, and other telecommunications infrastructure services in addition to building, leasing, and managing towers. Its clients include mobile network operators, internet service providers, and governmental organizations.
TAWAL is a leading provider of telecommunications infrastructure in the Middle East and North Africa, with operations in numerous nations such as Saudi Arabia, Kuwait, Bahrain, and Jordan. The company spends a significant amount of R&D to provide quality and cutting-edge solutions to its clients, and has a strong focus on innovation and quality.