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Business deals

Myanmar telecoms tower deal puts TPG in pole position

Latest transaction signals continuing Western investor interest in key sectors

Myanmar had more than 14,500 cell towers as of mid-2018, but industry experts estimate the country will need at least 8,000 to 9,000 new towers in the coming years as smartphone penetration soars. (Photo by Yuichi Nitta)

TOKYO -- U.S. private equity firm TPG has finalized a deal that marks its most ambitious investment in Myanmar and the biggest consolidation yet in the country's fast-growing telecommunication infrastructure sector.

Under an agreement that gained Naypyitaw's approval last month but has yet to be announced, TPG, majority owner of Apollo Towers Myanmar, the country's second biggest telecom tower company, will acquire Apollo's key rival Pan Asia Majestic Eagle, a 100% foreign-owned Yangon-registered company and the third largest tower owner.

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