In a move highlighting its interest to invest in the telecommunications sector, Saudi Arabia’s Public Investment Fund (PIF) is looking to finance a deal to acquire a stake in the giant European company, Vodafone.
On Tuesday, the Financial Times said Saudi Arabia’s sovereign wealth fund is heading for a new deal in Europe worth $15 billion as part of a consortium to acquire European Vodafone towers.
Meanwhile, Bloomberg news said KKR & Co. and Global Infrastructure Partners (GIP) are leading the consortium, which includes PIF as a minority investor helping fund the deal.
The venture includes financing the acquisition offer of Vantage Towers, Vodafone’s masts company.
Vantage Towers has a large footprint of approximately 83,000 sites in ten countries.
Bloomberg sources said KKR and GIP are nearing the deal for Vodafone Plc’s listed towers arm, and could beat out a consortium of Spanish telecommunications group Cellnex Telecom.
The investment firms could announce the deal for a stake in Frankfurt-listed Vantage Towers AG this week, people familiar with the matter said, asking not to be identified.
On Tuesday, Bloomberg news reported that PIF is considering a final bid for network towers sold by Qatari telecom firm Ooredoo.
