Jazz Sold 13000 Telecom Towers To The Edotco Group

Jazz Sold 13000 Telecom Towers To The Edotco Group

A leading listed investment conglomerate in Pakistan announced the acquisition of approximately 13,000 towers from Pakistan Mobile Communications Limited (Jazz). Jazz Sold 13000 Telecom Towers To The Edotco Group.

Edotco will operate to manage and maintain 13,000 towers for Jazz and it will be allowed to offer similar services on shared basis to other telcos in Pakistan.

Jazz Sold 13000 Telecom Towers To The Edotco Group

Through the Tanzanite Tower Private Limited, a wholly owned subsidiary of edotco Pakistan Private Limited entered in to an agreement with PMCL to acquire its tower subsidiary.

As a part of the transaction, DH Corp will be investing a 45 % equity stake with the remaining 55 % control stake to be held by Edotco. The total transaction consideration for the proposed acquisition is USD 940 million, which will be funded through a combination of debt and equity.

CEO of edotco, Suresh Sidhu Said :

We are confident in the potential of the market in Pakistan and will continue to demonstrate our long term commitment to supporting the development and enhancement of the country telecommunications infrastructure.

CEO of DH Corp,Inam ur Rahman Said:

DH Corp has always invested in projects and businesses that directly contribute to Pakistan growth and prosperity Continuing our commitment to the future, we are excited to partner with Edotco Group Malaysia and bring their wealth of knowledge to the local telecommunications sector.

In addition the CEO of Jazz, Aamir Ibrahim commented on that the this transaction with Tanzanite tower will allow Jazz to further improve its core strength in providing best in class products and services to its customers. It also allows Jazz to focus on its journey to becoming an innovative digital lifestyle partner.

At completion of the sale, Deodar will enter into a master services agreement 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 discretion for three consecutive periods of 5 years each.

Also Read : Jazz Cements Leadership Position in Telecommunications in Pakistan

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