The approved final offers were to acquire stakes in Zain KSA’s towers infrastructure comprising of 8,069 towers, valuing these assets at SAR 3,026 million (USD 807 million).

Pursuant to the Final Offers, PIF, HRH Prince Saud Bin Fahad, and Sultan Holding Company will acquire 60%, 10%, and 10% stakes in the Tower Infrastructure, respectively, while Zain KSA will own the remaining 20% stake. PIF’s Final Offer also includes a call option that will grant PIF the right to buy the remaining 20% stake from Zain KSA for a certain amount.

Under the terms of the Final Offers, Zain KSA will sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and intellectual property.

Zain KSA will work with the parties on the best way to execute the Final Offers, noting that the Final Offers are subject to obtaining the required approvals from the relevant official authorities, and other conditions that may be agreed between the parties.

Any material developments will be announced in due course.