Zain KSA sells 80 pct infrastructure stake worth $807 million to PIF, investors

Zain KSA sells 80 pct infrastructure stake worth $807 million to PIF, investors

Zain KSA has approved the sale of over 8,000 tower infrastructure to the Saudi Public Investment Fund (PIF) and a consortium of investors, according to a statement issued by the telecommunications company on Wednesday.

Zain KSA is a mobile telecommunications company based in Saudi Arabia that is publicly traded on the Saudi Stock Exchange, Tadawul.

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The sale marks an 80 percent stake for the investors and has reportedly been valued at $807 million (SAR 3,026 million).

Of the investors who have own a stake, PIF will acquire 60 percent, while Prince Saud Bin Fahad and Sultan Holding Company will each receive a 10 percent stake.

The remaining 20 percent will be owned by Zain KSA, with a call option from the PIF that reserves the right for it to buy Zain KSA’s stake at an undisclosed price.

The statement from Zain KSA said: “The deal builds on PIF’s strategy to develop the Kingdom’s innovation capabilities and to position it as a globally competitive hub for technology, media, and telecom (TMT).”

Meanwhile, a statement from PIF said: “The Fund aims to enhance and develop the technology, media & telecom sector, one of PIF’s strategic