Innovation Network Corp. of Japan is considering selling its stake in a Malaysia telecommunications tower company in a deal that could be worth at least $500 million, according to people with knowledge of the matter.
The state-backed private equity firm has hired an adviser to help with the potential stake sale in edotco Group Sdn., said the people, who asked not to be named as the information is private. INCJ bought the shares from Edotco parent company Axiata Group Bhd. for $400 million via a private placement in 2017, according to a press statement on edotco’s website.
Deliberations are still at an early stage and INCJ may decide not to proceed with the planned deal, said the people. Representatives for INCJ, edotco and Axiata declined to comment.
Edotco owns more than 31,500 towers across Malaysia, Sri Lanka, Bangladesh, Cambodia, Pakistan and Myanmar, according to its website.
Kuala Lumpur-listed telecommunications giant Axiata owns a controlling 62.4% stake in Edotco. Other shareholders in the company include Malaysian sovereign wealth fund Khazanah Nasional Bhd., and pension fund Kumpulan Wang Persaraan (Diperbadankan).
Source: Bloomberg
Can’t stop reading? Read more
HarbourVest leads $1.1bn continuation vehicle for QHP-backed Azurity
HarbourVest leads $1.1bn continuation vehicle for QHP-backed Azurity HarbourVest Partners has led...
Blackstone leads $1.3bn financing to back Paratek and Radius combination
Blackstone leads $1.3bn financing to back Paratek and Radius combination Blackstone Credit &...
TDR Capital and I Squared explore $15bn Aggreko IPO and stake sale options
TDR Capital and I Squared explore $15bn Aggreko IPO and stake sale options TDR Capital and I...