Saudi Arabia’s TAWAL to buy European towers from United Group – Reuters

Saudi Arabia’s TAWAL to buy European towers from United Group – Reuters

DUBAI, April 20 (Reuters) - TAWAL, a unit of Saudi Telecom Company (stc) (7010.SE), agreed to buy tower infrastructure worth 1.22 billion-euros ($1.34 billion) from United Group in its first foray into Europe's telecoms market, the southeast European firm said on Thursday.

TAWAL, a tower infrastructure unit that STC carved out in 2018, will buy the mobile infrastructure unit of United Group in Bulgaria, Croatia and Slovenia, which has more than 4,800 towers, United Group said in a statement.

The acquisition "supports stc Group's ambitious strategy to expand its international footprint in key markets with significant growth potential," stc, majority owned by Saudi Arabia's sovereign Public Investment Fund, said in a statement.