TAWAL acquires European tower assets from United Group
TAWAL, a leading Saudi Arabian tower company and a subsidiary of Saudi Telecom Company (stc), has announced a landmark deal to acquire tower infrastructure worth 1.22 billion euros ($1.34 billion) from United Group, a leading provider of telecoms and media services in South East Europe.
The deal, which is subject to regulatory approvals, will see TAWAL acquire more than 6,000 towers across six countries: Bulgaria, Croatia, Slovenia, Serbia, Bosnia and Herzegovina, and North Macedonia. The transaction will also include a long-term partnership agreement between TAWAL and United Group to provide tower services to United Group's operating companies in these markets.
This is TAWAL's first international expansion and marks a significant milestone in its growth strategy. The acquisition will strengthen TAWAL's position as a leading regional tower company with a portfolio of over 18,000 towers across eight countries. It will also enable TAWAL to diversify its revenue streams and benefit from the attractive growth opportunities in the European telecoms sector.
TAWAL's CEO, Eng. Mohammed bin Abdulaziz Alhakbani, said: "We are delighted to announce this strategic transaction with United Group, which is a testament to our ambition and commitment to become a leading global tower company. This deal will not only expand our footprint and scale, but also enhance our capabilities and expertise in the tower industry. We look forward to working with United Group as a long-term partner and supporting their network development and digital transformation plans in the region."
United Group's CEO, Victoriya Boklag, said: "We are very pleased to have reached this agreement with TAWAL, which is a reputable and experienced tower company with a strong track record in the Middle East. This transaction will allow us to unlock the value of our tower assets and reinvest in our core operations and new services. We are confident that TAWAL will be a reliable and strategic partner for us as we continue to grow our business and offer the best connectivity and content solutions to our customers across South East Europe."
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