Dubai, UAE: The shareholders of Irrawaddy Towers Asset Holding Pte. Ltd. (the “Company”), including Blu Stone Management and M1 Group, have agreed today to sell the Company to CVC Capital Partners Asia V (“CVC”).
The Company owns Irrawaddy Green Towers Limited (“IGT”), the leading independent telecommunications tower company in Myanmar with close to 4,000 towers strategically located across the entire country.
Georges Makhoul, Chairman of the Company, commented: “Since the day we established IGT, it has been a privilege to work with the Myanmar community to facilitate the delivery of mobile services across the whole country. Our shareholders’ early capital commitment, the support of the relevant ministries and regulators, the partnership with all the mobile operators, and the engagement with local communities have been vital for success; it has facilitated the business growth to the current leading position. With CVC as a future shareholder, the company is poised for further growth and success for the benefit of the people of Myanmar.”
Jamal Ramadan, Director of M1 Towers, added: “We are proud of the work achieved together with the people of Myanmar, and under the leadership of CEO David Venn and his team. IGT is an industry pioneer that enables mobile services throughout the whole country. We look forward to continued progress and success, underlining the attractive fundamentals and strong growth of Myanmar’s mobile communication sector.”
Marwan Khoueiry, Managing Director of Blu Stone Management, concluded: “This has been a great journey for us cementing IGT’s position as the leading telecom infrastructure provider in Myanmar and contributing to the country’s economic development. We are very excited to follow IGT’s success going forward and would like to thank the management team led by David Venn for their relentless work throughout all this.”
Standard Chartered Bank (Singapore) Limited acted as lead financial adviser and UBS AG as joint financial adviser to the Company. Freshfields Bruckhaus Deringer and SCM Legal Limited acted as legal counsels to the Company.
About Irrawaddy Green Towers:
Established in 2014, IGT is the leading independent telecommunications tower company in Myanmar with close to 4,000 towers strategically located across the entire country. The company serves all four mobile network operators (Telenor, MPT, Ooredoo and Mytel) in Myanmar with both tower and power solution services.
About Blu Stone Management
Blu Stone Management (“Blu Stone”) is a Dubai-based investment management firm that develops and manages the full asset allocation spectrum with an in-house focus on direct private investments.
About M1 Group:
M1 Group is a holding company that owns and manages investments across various sectors and geographies. The Group oversees a vast portfolio of interests in industries as diverse as telecommunications, fashion, energy, real estate, electronic payments and asset management.