stc's TAWAL gets approvals to acquires 3 tower firms in Bulgaria, Croatia, Slovenia

stc said its subsidiary Telecommunications Towers Co. (TAWAL) received all the necessary approvals to acquire a portfolio of tower assets from United Group, which includes sites in Bulgaria, Croatia and Slovenia.

Accordingly, the acquisition completed on Aug. 24, the telecom services provider said in a statement to Tadawul, adding that the financial impact is expected in Q3 2023.

Following the acquisition, TAWAL’s towers portfolio reached more than 21,000 across five countries and it represents a unique addition to stc complete digital ecosystem.

TAWAL financed the deal through Shariah-compliant banks loan, totaling $1.42 billion – Saudi National Bank (SNB) loan of $ 1.02 billion ($0.3 billion out of the total loan amount is a bridge loan), Dubai Islamic Bank of $0.25 billion, and, First Abu Dhabi Bank of $0.15 billion.

Yazeed Alhumied is a related party on the loan arrangement, as he serves on the boards of stc and SNB. Further, the Public Investment Fund is a major shareholder in stc and SNB.

In April, stc announced that TAWAL had signed an agreement to acquire United Group’s tower assets for EUR 1.22 billion (nearly SAR 5 billion), Argaam earlier reported.

Source : Argaam