Private investment company CVC Capital Partners struck a deal to acquire Myanmar’s infrastructure firm Irrawaddy Green Towers for $700 million, fighting off a number of other interested parties.
Reuters reported, the buyout marks the investment company’s debut into the Southeast Asian country and gained it almost 4,000 towers across Myanmar, which is apparently the second-largest deal ever for Myanmar assets.
Sources speaking to the news agency said CVC Capital Partners was given exclusivity to acquire the tower company.
This was despite interest from a range of other companies that included Malaysia's Axiata Group and Chinese infrastructure company Guodong Group, reported Bloomberg. Potential bidders conducted due diligence through site visits for over a year.
Irrawaddy Green Towers said in a statement to Reuters, shareholders such as Blu Stone Management and Lebanon-based M1 Group agreed to a sale but did not provide financial details.
The tower company counts all major operators in Myanmar as clients such as Telenor, Ooredoo, and local outfit Mytel.