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Business

Axiata unit buys Pakistan tower assets for $940m

Malaysian telecom operator expands foothold in underserved cellular market

Axiata Group headquarters in Kuala Lumpur

KUALA LUMPUR -- Telecommunication infrastructure operator edotco Group proposed Wednesday to buy cell towers from a unit of Pakistan Mobile Communications for $940 million, in partnership with a local conglomerate.

The move by the group, 62.4% owned by Malaysia's mobile telecommunications operator Axiata Group, will add 13,000 towers to its portfolio, raising its total assets to 32,000 towers in six countries. Edotco is making the purchase together with Pakistan conglomerate Dawood Hercules Corp. in a 55-45% partnership.

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