Towal agreed in April to buy the tower companies for 1.22 billion euros ($1.34 billion) from United Group, in its first foray into the telecoms market in Europe.
The Saudi Telecom Company said in a disclosure that the deal is fully funded by bank loans that are compatible with Islamic law, and that the deal obtained the necessary approvals and was completed on August 24.
The company stated in the disclosure that the National Bank of Saudi Arabia, the largest bank in the Kingdom, contributed $1.02 billion, of which $300 million was a bridging loan.
She added that Dubai Islamic Bank and First Abu Dhabi Bank contributed $250 million and $150 million, respectively.
The Saudi Telecom Company said that the financial impact of the deal will be reflected in the third-quarter earnings.
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