UPDATE: CVC Capital agrees to buy Myanmar’s Irrawaddy Green Towers for $700 mln

Private equity firm CVC Capital Partners will buy Myanmar’s largest telecom tower company, Irrawaddy Green Towers, for an enterprise value of about $700 million, sources familiar with the matter told Reuters on Friday.

The sale of privately-held Irrawaddy, which owns close to 4,000 towers located across Myanmar and has Dubai-based investment firm Blu Stone Management and Lebanon-based M1 Group among its shareholders, is one of the largest deals in recent times involving Myanmar assets.

It also marks the first investment in Myanmar by CVC, one of the world’s biggest buyout groups.

“With CVC as a future shareholder, the company is poised for further growth and success for the benefit of the people of Myanmar”, Irrawaddy Chairman Georges Makhoul said in a statement sent to Reuters. The statement gave no financial details.

There was no immediate response from CVC to a Reuters query.

Standard Chartered Bank (Singapore) Limited acted as lead financial adviser, while UBS AG was joint financial adviser to Irrawaddy on the deal. (Reporting by Anshuman Daga and Shruti Sonal; Editing by Mark Potter and Raju Gopalakrishnan)

Read more on: Reuters