PHOTO: AXIATA
Axiata said its telecommunications infrastructure services unit, edotco Group Sdn Bhd, and Dawood Hercules will buy 13,000 towers from Pakistan Mobile Communications Ltd (PAKI.KA) using $600 million raised via debt and the remainder via equity.
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The partnership will also see Dawood Hercules buy 45 percent of edotco Pakistan (Pvt) Ltd.
Edotco will emerge from the deal as the world’s eighth-largest independent tower firm, Axiata said. The unit already operates and manages over 26,000 towers in six countries.
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Edotco previously said it aimed to become Pakistan’s largest independent tower firm. In June, it bought Pakistan’s Tanzanite Tower Pte Ltd for $90 million in a deal involving about 700 towers.
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