Saudi Telecom's Tawal Enters Europe With $1.3 Billion Telecom Towers Purchase
By Adria Calatayud
Saudi Telecom Co.'s subsidiary Tawal has agreed to buy United Group's telecommunications towers in Bulgaria, Croatia and Slovenia in a 1.22 billion-euro ($1.34 billion) deal that marks its entry into the European market.
Saudi telecommunications group STC said the deal supports Tawal's plans to expand internationally. Tawal--which currently owns more than 16,000 telecom towers--will add 4,800 sites after completion of the acquisition, STC said.
Completion of the deal is expected to happen this year subject to regulatory approvals, STC said.
The company said it has also entered into a 20-year services agreement with United Group, a telecom and media company focused on southeast Europe, as part of which it will deploy more than 2,000 additional sites.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
April 20, 2023 10:59 ET (14:59 GMT)
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