Axiata Group said private equity funds from Japan and Malaysia will invest $600 million in edotco Group, its telecom tower business arm.
Innovation Network Corporation of Japan will be investing $400 million, while Khazanah Nasional will be investing $200 million in the primary and secondary shares of edotco, respectively. INCJ is a Japanese public-private investment company whilst Khazanah is the strategic investment fund of the Government of Malaysia.
Suresh Sidhu, CEO of edotco said: “The capital injection will provide edotco the capacity to execute its growth strategies including expansion within Asia via key acquisitions and further in-country organic opportunities.”
Since its establishment in 2012 as the first regional tower company in Asia, edotco has delivered strong performance, growing its tower base to over 25,000 operated and managed towers in five Asian countries.
JP Morgan is the Sole Placement Agent for edotco in this transaction.
edotco operates and manages over 25,000 towers in telecom markets such as Malaysia, Myanmar, Bangladesh, Cambodia and Sri Lanka. While, it manages 17,100 towers directly, the balance 8,100 towers are managed through a range of services.
