PIF mulling a merger of stc, Zain infrastructure into a new tower company

Saudi Arabia’s Public Investment Fund (PIF) is reportedly mulling a plan to merge the mobile tower infrastructure of Saudi Telecom Company (stc) and Zain Saudi to form the largest cell tower company in the Kingdom, Bloomberg writes. The merger will reduce overlap in places where both companies own towers, making investment in raising coverage and mobile internet speeds more efficient. Once the deal is completed, a company with 23,000 towers will be created; PIF is said to also be considering the potential listing of the unit on the Saudi Stock Exchange (Tadawul).