CITC approves PIF-led group’s $807m deal to acquire Zain KSA’s tower sites 

RIYADH: Zain KSA has received no-objection letters from the Communications and Information Technology Commission regarding the acquisition of tower sites by a Public Investment Fund-led consortium.

The PIF previously joined with Prince Saud bin Fahad and Sultan Holding Co. to acquire an $807 million stake in Zain KSA’s tower infrastructure, a bourse filing showed.

Saudi CITC on Sept. 7 issued no-objection voting to the agreement between the parties to take over at least 8,069 of the telecom tower sites owned by Zain KSA.