Saudi telecom giant TAWAL enters the European market with a $1.3B acquisition of 4,800 telecom towers
TAWAL, an infrastructure provider that emerged from Saudi Telecom Company (STC) in 2018, has agreed to acquire tower infrastructure valued at 1.22 billion euros ($1.34 billion) from United Group in its initial venture into Europe’s telecommunications market, the southeast European firm announced on Thursday. The $1.34 billion acquisition marks TAWAL’s entry into the European market.
The acquisition includes the mobile infrastructure unit of United Group, which comprises over 4,800 towers in Bulgaria, Croatia, and Slovenia, United Group said in a statement released on Thursday.
The acquisition “supports STC Group’s ambitious strategy to expand its international footprint in key markets with significant growth potential,” STC, majority owned by Saudi Arabia’s sovereign Public Investment Fund, said in a statement.
United Group, which is backed by private equity firm BC Partners, said it was TAWAL’s first investment in Europe’s telecoms sector.
“Upon completion, 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,” STC said.
Founded in 2004 as a division of Saudi Telecom Company, TAWAL is a Saudi Arabian company that offers infrastructure and services for telecommunications. The company has been operating independently since 2008. Towers, fiber optic networks, and other related infrastructure are among the areas of expertise for TAWAL in the design, building, and operation of telecommunications infrastructure.
TAWAL provides fiber optic network solutions, microwave links, and other telecommunications infrastructure services in addition to building, leasing, and managing towers. Its clients include mobile network operators, internet service providers, and governmental organizations.
TAWAL, which has operations in a number of nations including Saudi Arabia, Kuwait, Bahrain, and Jordan, is regarded as one of the biggest providers of telecommunications infrastructure in the Middle East and North Africa region. The business spends substantially in R&D to provide cutting-edge solutions to its clients and has a strong dedication to quality and innovation.