PIF to buy controlling stake in Zain telecom towers for $484m

DUBAI: Telecommunications company Zain KSA has approved offers from three organizations, including the Public Investment Fund, to acquire 80 percent in its tower infrastructure.

The offers are valued at SR3.026 billion ($807 million) for 8,069 towers, the company said in a bourse filing.

The sovereign wealth fund will own 60 percent of the infrastructure under the deal valued at $484 million, while Prince Saud bin Fahad bin Abdulaziz and Sultan Holding Co. will each own 10 percent.

Zain will own the remaining 20 percent, it said.

The deal indicates the sale of its passive, physical towers infrastructure, and retain all other wireless communication antennas, software, and technology.