Axiata to acquire stake in Digicel Myanmar Tower Company
Axiata’s tower company edotco is to acquire a controlling stake of 75% in Digicel’s Myanmar Tower Company for $221 million.
The acquisition will give the tower company strategic majority control, providing a platform in what it says is a highly attractive tower industry within its geographic area of focus. It will also enable Axiata to create revenue streams beyond its core mobile business.
“This acquisition is a unique and exciting opportunity for edotco to establish a leading platform in the largely untapped Myanmar market,” said Suresh Sidhu, CEO of edotco.
“The Myanmar telecommunications industry with its low mobile penetration, favourable regulatory conditions and high reliance on tower and infrastructure sharing presents significant potential for the edotco business as it expands into the new market.”
Established by Axiata in 2012, edotco manages over 14,000 towers in countries such as Malaysia, Bangladesh, Cambodia, Sri Lanka and Pakistan.
The deal is subject to regulatory approvals.