TPL RMC, a wholly-owned subsidiary of TPL Properties Limited, and TASC Towers submitted a firm bid for TTIC last month.
The parent company of Telecom Tower Infrastructure Company (TTIC), which owns and manages approximately 10,500 operating towers in Pakistan, has conditionally accepted an offer for TTIC from a consortium led by Pakistan’s TPL REIT Management Company Limited (TPL RMC) in collaboration with TASC Towers (TASC), a UAE-based mobile telecom tower operator.
TPL Properties, TPL RMC‘s parent company, informed the Pakistan Stock Exchange (PSX) of the development on Tuesday.
“We are pleased to announce that the parent of one of Pakistan’s largest telecom tower operators has conditionally accepted the offer made by our subsidiary TPL REIT Management Company Limited in partnership with TASC Towers for the acquisition of their subsidiary, Telecom Tower Infrastructure Company, which owns and manages more than 10,500 tel towers, subject to the signing of definitive agreements, all necessary corporate approvals, and receipt of relevant regulatory approvals.”
TPL RMC, a wholly-owned subsidiary of TPL Properties Limited, and TASC Towers submitted a firm bid for TTIC last month. In September, TPL RMC formed a strategic partnership with TASC Towers to acquire a telecom tower infrastructure company.
According to Bloomberg, Veon Limited, a Dutch-domiciled multinational telecommunications services company, is close to selling its tower assets in Pakistan to a consortium comprised of Pakistan’s TPL Corp and TASC Towers Holding Limited.
According to the report, the tower acquisition could be Pakistan’s largest deal in more than a decade.
It had stated that talks were progressing and that the transaction, involving Veon’s 10,000 to 12,000 towers in Pakistan, could be announced in the coming weeks. According to Bloomberg, the transaction could be worth more than $600 million.
TPL REIT is Pakistan’s first and largest Shariah-compliant Development Impact REIT Fund, with an eventual size of Rs 80 billion to be raised from local and international investors.
Meanwhile, TASC, based in the United Arab Emirates (UAE), is a leading global operator of mobile telecom towers, having deployed and managed over 14,000 towers across multiple geographies.