KARACHI: Edotco Group in partnership with Dawood Hercules Corporation Ltd (DH Corp) announced the acquisition of approximately 13,000 towers from Pakistan Mobile Communications Limited (Jazz).

Edotco — through Tanzanite Tower Private Limited, a wholly owned subsidiary of edotco Pakistan Private Limited — entered into an agreement with Pakistan Mobile Communication Limited to acquire its tower subsidiary, Deodar Private Limited and its portfolio of over 13,000 tower assets, a press release said.

As part of the transaction, DH Corp will invest a 45 per cent equity stake with the remaining 55pc control stake to be held by edotco. The total transaction consideration for the proposed acquisition is $940 million, which will be funded through a combination of debt and equity.

At completion of the sale, Deodar will enter into a master services agreement (MSA) with Jazz, whereby it will continue to provide tower services to Jazz. The initial term of this MSA is 12 years and is renewable at Jazz’s discretion for three consecutive periods of five years each.

As a result of the terms of the Pakistan Mobile Com­munication Limited (Jazz)/Warid earn-out agreement, following the completion of the transaction, Global Telecom Holding’s stake in Jazz will be approximately 83pc. Jazz has over 52 million customers.

Edotco operates and manages a regional portfolio of over 26,000 towers across core markets of Malaysia, Myan­mar, Bangladesh, Cambodia, Sri Lanka and Pakistan with over 18,400 towers directly operated by edotco and a further 8,100 towers managed through a range of services provided.

Published in Dawn, August 31st, 2017

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Delay in the offing?
Updated 03 Feb, 2023

Delay in the offing?

Govt must realise that political stability in the country cannot be achieved by extra-constitutional actions.
Divisions in PML-N
03 Feb, 2023

Divisions in PML-N

DISCORD and drama in PML-N ranks escalated this week when Shahid Khaqan Abbasi revealed he no longer holds a party...
Wikipedia ‘downgrade’
03 Feb, 2023

Wikipedia ‘downgrade’

ATTEMPTS to police the internet by states, often by giving opaque justifications for the action, are never a good...
Mianwali raid
Updated 02 Feb, 2023

Mianwali raid

The military needs to share intelligence with civilian agencies to neutralise the militant menace nationwide.
Corruption unlimited
02 Feb, 2023

Corruption unlimited

PAKISTAN’S consistent slide on Transparency International’s Corruption Perceptions Index over the last several...
Women police officers
02 Feb, 2023

Women police officers

IN a heartening development, a second female police officer has been appointed as DPO in Attock, weeks after the...