Saudi Arabian incumbent agrees €57 million deal with Go Telecom parent.
Saudi Telecom on Monday announced that it has inked a deal to acquire an unspecified number of telecom towers from rival fixed-line operator Etihad Atheeb Telecommunication Company for 230 million riyals (€57 million).
The deal is subject to Etihad Atheeb, which operates as Go Telecom, obtaining the required regulatory approvals, Saudi Telecom said in a brief statement to the Saudi Arabian stock exchange.
The telco added that it will finance the deal from internal resources.
The topic of towers has been high on the agenda for Saudi Arabia’s telecoms operators in recent years.
2016 was littered with news reports on talks and proposed tie-ups between Saudi Telecom and rival mobile operators Mobily and Zain, although a concrete deal has yet to emerge.
The telcos are all keen to reduce costs by realigning their respective tower assets, as many of their peers in other markets have done in various different ways.