Imperial, Business SchoolAltamimi, Razan2025-11-292025https://hdl.handle.net/20.500.14154/77218This report examines the market, financial, and strategic implications of the Public Investment Fund’s (PIF) acquisition of a 51% stake in the Telecommunications Towers Company (TAWAL) from the Saudi Telecom Company (STC), followed by its planned merger with the Golden Lattice Investment Company (GLIC). Drawing on industry data, valuation models, and financial forecasts, the study evaluates how the consolidation of tower assets, forming the region’s largest telecom infrastructure entity that supports Saudi Arabia’s digital transformation and Vision 2030 objectives. The analysis employs discounted cash flow (DCF) valuation for both STC and PIF, revealing enhanced enterprise value driven by stable free cash flows, strong margins, and significant terminal value contributions. The findings show that the deal strengthens STC’s reinvestment capacity, positions PIF as a dominant regional infrastructure investor, and underscores the economic benefits of telecom infrastructure consolidation. Overall, the acquisition and merger are expected to generate long-term strategic and financial gains for both entities and the Saudi economy.17enMergerAcquisitionPIFSTCPublic Investment FundTelecommunicationTawalGLICGolden Lattice Investment CompanyTelecommunication TowersValuation AnalysisSynergy AnalysisDiscounted Cash flow (DCF) AnalysisThesis