TPG private equity investor acquires second Myanmar tower company

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A US private equity company has completed purchase of a Myanmar infrastructure to add to its existing investment in the country.

According to an unconfirmed report from Nikkei Asian Review, TPG – the private equity firm, not the Australian telecoms operator – has completed purchase of Pan Asia Majestic Eagle, which owns 1,200 towers in Myanmar. TPG is already majority owner of Apollo Towers Myanmar, which has 1,800 towers, according to the report.

The combined operation will make TPG the biggest tower owner in Myanmar, says Nikkei Asian Review, ahead of Irrawaddy Green Towers, which owns 2,500.

Quoting unnamed “people familiar with the deal”, the report says “including the combined debt of the two companies, the enterprise value of the new entity will be just under $1 billion”.

TPG will own 80-85% of the combined operation, which provides services for all four of Myanmar’s mobile operators. TPG is a partner in one of the two groups bidding $1.1 billion for Global Cloud Xchange (GCX). It is unrelated to the TPG Telecom which is planning to merge with Vodafone Australia.


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