Saudi Telecom Company (stc) announces receiving a non-binding offer from the Public Investment Fund to acquire 51% of the shares of Telecommunications Towers Company (Tawal).

Saudi Telecom Company (stc) announces receiving a non-binding offer from the Public Investment Fund to acquire 51% of the shares of Telecommunications Towers Company (Tawal).

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|Announcement Detail|| Saudi Telecom Company (stc) announces receiving a non-binding offer (the offer) from the Public Investment Fund (PIF) to acquire 51% of the shares of Telecommunications Towers Company (Tawal), while stc will maintain 49% of the shares of Tawal. Tawal was valued at SAR 21.94 Billion (USD 5.85 Billion), 100% Enterprise Value on cash free and debt free basis.

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The offer does not represent any binding commitment on both parties and it remains subject to completing the due diligence and reaching final and binding agreement which will be conditional upon obtaining all regulatory approvals from relevant authorities including the approval from the General Authority for Competition, internal approvals of the respective parties, and any other conditions that may be agreed between the parties.

It is worth noting that the non-binding offer is in line with the company’s strategy related to growth and expansion by retaining ownership in strategic value-add assets, such as infrastructure companies (Towers), and benefiting from the return on these assets in the growth and expansion. Further, It will support capital recycling to ensure enhancing the company's ability to invest in new domains and maximizing the shareholders’ return in a sustainable manner.

The offer is currently being assessed and