Zain Saudi Arabia accepted offers from the country’s sovereign wealth fund and two other investors to sell stakes totalling 80 per cent of its towers infrastructure valued at $807 million.

In a filing with the Saudi Stock Exchange, the operator stated its board approved non-binding offers which will result in the Public Investment Fund (PIF) acquiring a 60 per cent stake in its towers unit. Prince Saud Bin Fahad and Sultan Holding Company will each take 10 per cent stakes.

Combined, the three investors will take over 8,069 towers.

Zain will keep ownership of the remaining 20 per cent of the tower unit, including wireless communication antennas, software, technology and IP.

The company explained it will work with the investors “on the best way to execute the offer”, adding the deal is not yet finalised as it awaits approvals from relevant authorities.

Bloomberg reported PIF’s bid amounted to $484 million.

Media reports in June claimed Saudi Arabia’s sovereign fund was looking to sell some of its majority stake in Saudi Telecom Company as it aimed to invest in new assets.