Regulatory approval for Zain KSA´s tower infrastructure sale
The Communications and Information Technology Commission in Saudi Arabia has approved the sale of tower infrastructure of Mobile Telecommunications Co. Saudi Arabia, also known as Zain KSA.
The consortium comprising Public Investment Fund (PIF), Prince Saud bin Fahad and Sultan Holding Co. is to acquire an US$807 million stake in Zain KSA. PIF will acquire 60% of Zain´s share capital, Sultan Holding Company will acquire 10% and Prince Saud bin Fahd bin Abdulaziz will acquire 10%. Zain KSA will own the remaining 20% stake, however, will grant PIF the right to buy the remaining 20% stake at a certain amount.
Under the agreement, Zain KSA, formally known as Mobile Telecommunication Co., will sell its tower infrastructure (8,069 towers) and retain wireless communication antennas, software, technology and intellectual property.
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