STC’s TAWAL inks $1.34 bn deal to buy telecom towers in Europe

TAWAL, a subsidiary of Saudi Telecom Company (stc), has 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.
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. TAWAL currently owns a portfolio of over 16,000 telecom towers.

TAWAL will own and operate more than 4,800 sites across Bulgaria, Croatia, and Slovenia, providing passive infrastructure services ranging from ground-based towers, rooftops small cells to in-building-solutions. As part of the 20-year master services agreement with United Group, TAWAL will deploy over 2,000 additional sharable sites.

The acquisition supports stc Group’s strategy to expand its international footprint in key markets with significant growth potential, Olayan Alwetaid, Chief Executive Officer, stc Group, said.

United Group, backed by private equity firm BC Partners, said it was TAWAL’s first investment in Europe’s telecoms sector.

TAWAL’s operations in the European market will be rebranded as TAWAL Europe and will serve as TAWAL’s platform for any future expansion in Europe.