The "United Group," located in Southeast Europe, announced today that the telecommunications tower company "Tawal," a subsidiary of Saudi Telecom Company (STC), has agreed to acquire its telecommunications tower assets for €1.22 billion ($1.34 billion) in its first entry into the European telecommunications market.
In a statement, it added that "Tawal," which was established by Saudi Telecom in 2018 to provide integrated telecommunications infrastructure services, will acquire quality assets in digital infrastructure by owning and operating more than 4,800 towers in three EU member countries: Bulgaria, Croatia, and Slovenia.
The company, owned by the public investment fund of the Kingdom, clarified that the acquisition represents "another qualitative step for the STC Group in implementing its ongoing expansion and growth strategy after entering several promising sectors."
