Jazz, Edotco end EUR 940 mln tower deal

News Wireless Pakistan 17 SEP 2018
Jazz, Edotco end EUR 940 mln tower deal
The sale of Jazz’s tower operations to Tanzanite for USD 940 million, announced in August 2017, will not go through. Veon, the parent of the Pakistan operator, made the announcement, saying the parties did not receive all the needed regulatory approvals before the extended long-stop date of 14 September. 

Tanzanite parent Edotco Group, part of the Axiata Group, confirmed the news, saying it will not be able to acquire the 13,000 towers. Edotco CEO Suresh Sidhu said the deal falling through will not affect the company’s business goals and that it remains committed to Pakistan. Sidhu added that the company will continue to develop its pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia.

Categories:

Mobile

Companies:

Axiata,  Veon,  Jazz

Countries:

Pakistan

Tags:

Regulations, Corporate strategy, M&A buyouts & divestments

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