The operator had been linked with a sale of its towers as recently as July, but has now opted to add to its base, subject to regulatory approval.
Neither STC nor Atheeb revealed how many towers had been sold as part of the deal, but the deal is the latest move from an operator in the Kingdom.
STC said it would pay for the acquisition of the towers using internal resources, meaning it would have “no material impact” on its financial results, while Atheeb said the financial impact of the deal would be shown in Q4 2017.
Last year, three Saudi telcos reportedly held talks about creating a tower company in a bid to reduce costs. Etihad Etisalat Mobily, Zain Saudi and Saudi Telecom began discussions which could have saved as much as 70% on infrastructure costs.
Zain is also reportedly looking to offload number of towers in a number of markets, including Saudi Arabia, for around $500 million.
