Malaysian telecommunications group Axiata Group Bhd (AXIA.KL) on Wednesday said it will buy communications towers in Pakistan for $940 million in partnership with local conglomerate Dawood Hercules Corp Ltd (DAWH.KA).
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.
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.
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.