Saudi Telecom Buys Pakistan Operator to Expand Global Footprint
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The Middle East’s most profitable telecoms firm, Saudi Telecom Co., signaled a fresh push to expand beyond its core mobile-network business with an investment in a Pakistani tower company.
Saudi Telecom, which is controlled by the kingdom’s sovereign wealth fund, said one of its units had bought a full stake in Pakistan-based Awal Telecom, according to a statement. A spokesman for STC declined to comment of the deal value when contacted.