The consortium comprising Public Investment Fund (PIF), Prince Saud bin Fahad and Sultan Holding Co. is to acquire a US$807 million stake in Zain KSA´s tower infrastructure in Saudi Arabia.

The PIF-led consortium will acquire 80% of Zain´s share capital, and will be grated the right to buy the remaining 20% stake at a certain amount. Under the agreement, Zain KSA, formally known as Mobile Telecommunication Co., will sell its tower infrastructure (8,069 towers) and retain wireless communication antennas, software, technology and intellectual property.

The transaction is subject to obtaining necessary regulatory approvals.