Malaysian telecom giant Axiata will add 13,000 telecoms towers to its portfolio after agreeing to pay PRs 98.7 billion $940 million for the tower business of Pakistan’s largest telecommunications services provider Jazz, extending its reach to the rapidly-growing South Asian nation.
The transaction, expected to close by the end of this calendar year, will nearly double Axiata’s portfolio of about 16,000 towers operating under its infrastructure arm edotco Group.
The deal underscores Axiata’s strategy of growing its tower business in emerging markets while cutting its exposure in more mature markets. Pakistan is the latest destination for Axiata’s tower business, which already covers Sri Lanka, Bangladesh, Cambodia, Myanmar...
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