TAWAL is in talks to acquire over 10,000 Mobily towers, Semafor reports. The PIF-owned firm would roughly double its portfolio in one of the Middle East's largest tower deals.
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TAWAL Co., a telecommunications tower company, is in talks to acquire more than 10,000 tower sites from Etihad Etisalat Co. (Mobily), Semafor reported. The deal would be one of the largest tower transactions in the Middle East, the news outlet said, citing people familiar with the matter.
TAWAL, owned by Saudi Arabia's Public Investment Fund, already manages roughly 15,000 towers. A Mobily deal would roughly double that portfolio, the report noted. The talks remain ongoing and could still fall apart, Semafor said, without naming a valuation or timeline.
Mobily, Saudi Arabia's second-largest telecom operator, has been shedding tower assets to cut debt and focus on its core mobile business. The company sold a 20% stake in its tower unit to TAWAL in 2020 for 1.9 billion riyals ($506 million).
TAWAL's purchase would deepen the PIF's footprint in Saudi infrastructure. The fund has been consolidating tower assets through TAWAL and its 2023 acquisition of United Group's tower portfolio in Bulgaria, Slovenia and Croatia.
Semafor said the deal is not yet final. Representatives for TAWAL and Mobily did not immediately respond to requests for comment.
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