The Freshfields advisory team comprised lawyers from its Dubai, Singapore and London offices and was headed up by Dubai partner Rob Cant, Singapore-based Stokes and Nigel Gleeson, and Peter Clements in London. The transaction’s close is subject to receiving regulatory approvals. Standard Chartered Bank (Singapore) acted as lead financial adviser to IGT, and UBS as joint financial adviser.
IGT’s chairman, Georges Makhoul, said in a separate statement that “with CVC as a future shareholder, (IGT) is poised for further growth and success for the benefit of the people of Myanmar”.īlu Stone Management’s managing director Marwan Khoueiry added: “This has been a great journey for us cementing IGT's position as the leading telecom infrastructure provider in Myanmar and contributing to the country's economic development.” “This landmark transaction was the largest mergers and acquisitions deal in Myanmar in 2020 and another example of the attraction of the Asian digital infrastructure sector, including data centre and fibre optic asset portfolios, for private equity investment” said Freshfields major projects partner Don Stokes in a statement. Having won the bidding process, this marks CVC’s first investment into Myanmar, reflecting the growth of the country’s mobile communication market.
The asset in play, Irrawaddy Green Towers (IGT), is the leading independent telecommunications tower company in Myanmar, with nearly 4,000 towers in various locations across the country. The transaction was first announced in December 2020.Ĭonducted by way of a competitive auction, the sale attracted interest from investors across the world. Luxembourg private equity firm CVC Capital Partners’ fifth Asia Pacific fund has acquired Irrawaddy Towers Asset Holding, owner of Myanmar’s Irrawaddy Green Towers, from its selling shareholders.ĬVC closed its fifth fund by exceeding its USD 4 billion target in April last year.įreshfields Bruckhaus Deringer and SCM Legal acted as legal counsel to the selling shareholders, which included Dubai investment management company Blu Stone Management and Beirut, Lebanon-based investment holdings group M1 Group. Luxembourg private equity firm CVC Capital Partners’ fifth Asia Pacific fund has acquired Irrawaddy.
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