Axiata Group and its subsidiary Edotco have announced a record USD 600 million primary and secondary equity private placement deal. Axiata and Edotco have entered a binding term sheet with Innovation Network Corporation of Japan (INCJ, USD 400 million committed) and Khazanah Nasional Berhad (USD 200 million committed) for primary and secondary edotco shares, respectively. Definitive agreements are expected to be finalized and signed in January 2017 with Axiata remaining as majority shareholder of Edotco after the completion of the transaction.
Axiata says the maiden equity raising exercise for Edotco is the largest global tower sector private placement in 2016.
INCJ is a Japanese public-private investment company. Khazanah is the strategic investment fund of the government of Malaysia. Key interests to INCJ are Edotco’s portfolio in Asia’s high-growth frontier markets, its customer contracts, management team and the company’s independent operating model, Axiata said.
