Dubai s Blu Stone JV completes strategic Myanmar asset sale
DUBAI, January 4, 2021 Dubai-based Blu Stone Management and its joint venture partner M1 Group, a holding company that owns and manages investments across various sectors, have reached an agreement to sell its entity Irrawaddy Towers Asset Holding to CVC Capital Partners Asia V (CVC). Irrawaddy Towers owns a leading independent telecommunications tower company in Myanmar, Irrawaddy Green Towers Limited (IGT). It serves all four mobile network operators (Telenor, MPT, Ooredoo and Mytel) in the Asian country with both tower and power solution services. Irrawaddy Towers Asset Holding Chairman Georges Makhoul said: Since the day we established IGT, it has been a privilege to work with the Myanmar community to facilitate the delivery of mobile services across the whole country.
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SINGAPORE (Reuters) -CVC Capital Partners has agreed to buy Myanmar s largest telecom tower company in a deal that sources said was valued at about $700 million and which marks the global buyout firm s first foray into the Southeast Asian country.
The sale of privately-held Irrawaddy Green Towers, which has almost 4,000 towers across Myanmar, is the second-largest deal ever involving Myanmar assets. It is the first investment in Myanmar by CVC, one of the world s biggest private equity firms.
Sources familiar with the matter said CVC was given exclusivity after it was shortlisted from potential buyers, including regional telecoms groups and other companies.
UPDATE 3-CVC buys telecom tower firm in Myanmar s second biggest deal reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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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.