Saudi TAWAL raises $1.42 bln to buy European Towers from United Group

Saudi Arabian ICT infrastructure firm TAWAl International Holding has raised $1.42 in Islamic financing to facilitate the acquisition of tower assets from the Netherlands-based United Group, extending its reach into the European market.

Tawal will be looking to tap into European markets through the roll-out of 5G networks and adaptation of mobile services for all mobile operators whilst deploying significant investments, best practices and new products.

“This is a very attractive deal for United Group and one that enables us to unlock capital from existing non-core infrastructure assets while capitalising on attractive valuations in the towers sector,” United Group CEO Viktoria Boklag said.

This acquisition represents the second step of TAWAL’s expansion plan following the launch of TAWAL Pakistan in 2022. The total towers portfolio of TAWAL is now exceeding 21,000 towers across five countries.