STC tower company to buy assets in Eastern Europe

STC tower company to buy assets in Eastern Europe

STC’s tower infrastructure company Tawal signed agreements to acquire towers in Bulgaria, Croatia, and Slovenia from United Group for €1.2 billion, as part of a wider move to expand overseas.

In a statement, Tawal said if the deal gains the green light it will own and operate more than 4,800 sites in those countries, providing the full range of passive infrastructure services in those countries. The deal is a 20-year master services agreement with United Group, which owns operator brands SBB, Telemach, Vivacom and Nova.

Tawal agreed to deploy over 2,000 shareable sites and co-location with other operators outside of United Group will be maintained and expanded.

The acquisition is subject to regulatory approval from relevant authorities in Bulgaria and Slovenia. Upon completion, Tawal’s operations in Europe will be rebranded to Tawal Europe and it will be the company for future acquisitions in Europe. Tawal has a portfolio of 16,000 telecom towers.

STC Group CEO Olayan Alwetaid said: “Our agreement with United Group represents an exciting new chapter for TAWAL and the wider STC Group. The agreement is a significant milestone in our ambitious growth strategy and the expansion of our international footprint.

“We are already leading the transformation of Saudi Arabia’s digital capabilities and this transaction reinforces our commitment to investing in best-in-class technology and infrastructure to lead the way in enabling the world to connect.”

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