STC announced that its tower company unit, Towar, has received approvals to acquire three tower firms from United Group in Bulgaria, Croatia, and Slovenia for €1.2 billion.
Following the acquisitions, Towar's portfolio will expand to over 21,000 towers across five countries. This represents a quality addition that complements STC's integrated digital ecosystem.
The deal is expected to boost Towar's network of communication towers in strategic markets and support STC's infrastructure expansion. It will allow the company to better serve consumers and enterprises across a wider footprint.
Upon completion, the financial impact of the transaction will be reflected in STC's consolidated third quarter 2023 financial statements. The acquisitions underline the tower unit's focus on growth via selective M&A opportunities.
STC said the deals will strengthen Towar's pan-regional presence and capability to offer innovative connectivity infrastructure services. This assists STC's vision of providing next-generation digital solutions on a broader scale.
