edotco cancels US$940mil Pakistan towers deal
By Digital News Asia September 18, 2018
- Will continue to develop pipeline of opportunities in Pakistan
- edotco Pakistan now comprises of the towers acquired by Tanzanite Towers
EDOTCO Group Sdn Bhd, a subsidiary of Axiata Group Bhd, on Sept 17 announced that they will not be moving forward with the acquisition of 13,000 towers from Pakistan Mobile Communications Limited (PMCL) in Pakistan.
The deal, when announced in August 2017, was valued at US$940 million (about RM4 bilion).
The transaction was subject to a number of conditions and terminated due to the non-fulfilment of the conditions precedent to the SPA within the stipulated timeframe, in particular regulatory approval for the resulting change of control contemplated under the SPA.
edotco remains committed to Pakistan and will continue to grow its existing business under edotco Pakistan, comprising today of the towers acquired by Tanzanite Towers carried out earlier this year.
edotco Group chief executive officer Suresh Sidhu, said “We do not foresee this affecting our business goals and aspirations. We are confident in the potential of the growing market in Pakistan and are committed to the existing operations there.
“We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia and are confident we will be able to meet our goals for business growth”
“We have seen strong progress in Pakistan since our first acquisition here and business continues to grow with new orders for sites as well as high demand for adjacent opportunities such as energy solutions. We remain focused on building the business in Pakistan,” said edotco Pakistan country managing director Arif Hussain.