The Public Investment Fund of The Kingdom of Saudi Arabia made a non-binding offer to acquire a 60% stake in 8,069 Towers of Mobile Telecommunications Company Saudi Arabia (SASE:7030) for approximately $480 million on September 7, 2021. Transactions includes the sale of Mobile Telecommunications Company Saudi Arabia's passive, physical towers infrastructure, it will retain all other wireless communication antennas, software, and technology. In related transactions, Mobile Telecommunications Company Saudi Arabia received offers from Saud bin Fahad bin Abdulaziz and Sultan Holding Co. to acquire 10% stake in 8,069 Towers, by each of them. Mobile Telecommunications Company Saudi Arabia will own the remaining 20% stake in Towers. Offer is approved by the board of directors of Mobile Telecommunications Company Saudi Arabia. As of May 29, 2022, the board of the Communications and Information Technology Commission (CITC) has approved the transaction. Citigroup Saudi Arabia acted as a financial advisor to Mobile Telecommunications Company Saudi Arabia. As of January 9, 2022, Zain KSA has complied with the transfer of at least 3000 towers out of the 8,069. The ownership of the remaining towers will be transferred in batches in a period not exceeding 18 months. Julian Cunningham-Day, Rich Jones, Scott Campbell, Rohan Isaacs, and Waleed Rasromani of Linklaters LLP acted as legal advisor to Mobile Telecommunications Company Saudi Arabia.

The Public Investment Fund of The Kingdom of Saudi Arabia completed the acquisition of 60% stake in 8,069 Towers of Mobile Telecommunications Company Saudi Arabia (SASE:7030) for approximately $480 million on January 9, 2023.