“stc” to offer buying a unit of Spanish “Cellnex”

Economista newspaper reported, citing sources, that the Saudi Telecom Company and the Public Investment Fund may submit an offer to buy the Austrian unit of the Spanish company Cellnex, which operates mobile phone towers.

The Spanish newspaper added that the value of the unit is no less than 800 million euros.

The Saudi Telecom Company acquired a 4.9% stake in Telefónica shares and financial instruments, giving it another 5% in what it called “economic exposure” to the company.