The state-backed company's Tawal infrastructure division will pay cash for a portfolio of more than 4,800 towers across Slovenia, Croatia, and Bulgaria, According to sources.
At the time, an agreement to purchase the assets from United Group, which is funded by buyout company BC Partners, was almost complete.
Tawal already has more than 16,000 towers and is entering the European market for the first time through this acquisition.
With plenty of cash, Middle Eastern telecom companies have recently begun to increase their foreign investments, with Emirates Telecommunications Group Co. emerging as Vodafone Group Plc's largest stakeholder with a nearly $4 billion holding.
“We are delighted to have successfully crystallized the value of our tower assets in a deal that enables us to delever and navigate global macroeconomic pressures,” United Group Chief Executive Officer Victoriya Boklag said in the statement.
In Europe, the buying and selling of digital infrastructure assets has increased. In the past year, both Vodafone and Deutsche Telekom AG agreed to sell substantial holdings in their tower businesses to investment groups. This month, Brookfield Asset Management Ltd. agreed to buy data centre provider Data4.
The transaction, which is anticipated to finalise in the second half of 2023, was advised by Goldman Sachs Group Inc. to United Group.