CVC Capital acquires telecom tower firm in Myanmar’s second biggest deal

Sule Pagoda Road, Yangon, Myanmar. Photo: Arkar Phyo/Unsplash

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.

Potential bidders had roped in 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, the sources said.

A statement sent to Reuters showed that Irrawaddy’s shareholders, including Dubai-based investment firm Blu Stone Management and Lebanon-based M1 Group, had agreed to the sale but it gave no financial details.

“We look forward to continued progress and success, underlining the attractive fundamentals and strong growth of Myanmar’s mobile communication sector,” M1 Towers Director Jamal Ramadan said.

CVC declined comment on the deal.

Irrawaddy serves all major mobile network operators in Myanmar, including Norwegian telecom giant Telenor, Qatar-based Ooredoo and local firm Mytel.

Standard Chartered Bank (Singapore) was the lead financial adviser, while UBS was the joint financial adviser to Irrawaddy on the deal.

Reuters

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.