PIF weighs bidding for Ooredoo Qatar’s tower unit: Report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is considering a final bid for the network towers being sold by Ooredoo Qatar, Bloomberg reported, citing unnamed sources familiar with the matter.

The Kingdom’s sovereign wealth fund is planning to submit a binding offer via stc’s TAWAL.

American Tower Corp., IHS Holding Ltd. and Helios Towers Plc are also considering binding offers for all or part of the tower network, which span the Gulf region, and other countries. The network could be valued between $3 billion and $5 billion, the sources added.

Bids will be submitted in the coming days. Discussions are ongoing and there is no certainty any of the suitors will decide to submit offers.

Last September, the Qatari telecom operator said it was preparing to sell 20,000 of its towers as part of a sale-and-leaseback arrangement.

In October, stc received a non-binding offer from the PIF to buy 51% of TAWAL, while stc will retain the remaining 49% interest in TAWAl that is valued at SAR 21.94 billion ($5.85 billion), Argaam reported.

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