Saudi Arabian telecom tower company Tawal is in talks to acquire more than 10,000 sites from the kingdom’s second-largest mobile operator, Mobily.

As reported by Semafor, which cites sources familiar with the matter, the deal would involve the Public Investment Fund-backed Tawal snapping up the assets from Mobily, which is partly owned by the UAE’s state-controlled telecoms firm e&.

A deal for Mobily's assets could be announced later this year, the report added, noting that Tawal is expected to start preparing for an IPO that could take place in 2027 or 2028.

Created in 2018 by STC, Tawal currently operates more than 30,000 telecom towers across Saudi Arabia, Bulgaria, Croatia, Slovenia, and Pakistan.

In 2023, Tawal expanded its operations beyond the Middle East after agreeing to a $1.34 billion deal to acquire United Group’s telecommunications tower assets across Europe, including Bulgaria, Croatia, and Slovenia.

PIF agreed to acquire a 51 percent stake in Telecommunication Towers Company Limited (Tawal) from the Saudi Telecommunications Company (STC Group) back in 2024.