10 February 2021
Luxembourg-based private equity firm CVC Capital Partners has agreed to buy Myanmar’s largest telecom tower company, Irrawady Green Towers, in a deal reportedly valued at about US$700m.
The purchase marks the global buyout firm’s first venture into the southeast Asian country and sees it absorb 4,000 towers across Myanmar.
According to reports, CVC was given exclusivity after it was shortlisted from potential buyers, including regional telecoms groups and other companies.
Potential bidders – yet unnamed suitors – hired local consultants and technical advisers to conduct site visits and due diligence during the sale process that took just over a year to be completed.
Law firms Freshfields Bruckhaus Deringer and SCM Legal acted as legal counsel to the selling shareholders.
“This landmark transaction was the largest mergers and acquisitions deal in Myanmar in 2020 and another example of the attraction of the Asian digital infrastructure sector, including data centre and fibre optic asset portfolios, for private equity investment” said Freshfields major projects partner Don Stokes in a statement. However, the recent military coup in Myanmar could thwart any deal.
Irrawaddy serves all major mobile network operators in Myanmar, including Norwegian telecom giant Telenor, Qatar-based Ooredoo and local firm Mytel.