Dawood Hercules Corporation Limited (DHCL), which is having a partnership with Edotco, has signed a contract with Veon Pakistan Limited, parent group of Jazz, to procure its tower business in Pakistan.
According to this agreement signed in the morning, the telecom operator will give its all towers to Edotco.
Now, Edotco will officially operate, manage and maintain 13,000 towers for Jazz and will be able to offer similar services to other telecom operators on a shared basis.
DH Corp will operate as transaction part, who is willing to invest a 45% equity stake with remaining 55% control stake to be owned by Edotco.
The total transaction is USD 940 million, which will be paid through the combination of both debt and equity.
After the termination of the following subscription, both Edotco Labuan and DH Corp (Dawood Hercules Group) will be having 55% and 45% of share respectively.
Edotco PK is an essential part of the integrated telecommunications infrastructures services business, that offers end-to-end solutions in tower sectors including all solutions from tower leasing and co-locations, which are developed to accommodate energy, transmission, operation, and maintenance.
According to consulted folks, the acquisition of these 13000 towers will make Edotco the largest independent telecommunications tower operator in a South Asian nation.Suresh Sidhu, CEO of Edotco said,
“EDOTCO IS DELIGHTED TO EXPAND ITS BUSINESS IN PAKISTAN BY CATERING TO THE NETWORK REQUIREMENTS OF JAZZ, THE COUNTRY’S NUMBER ONE DIGITAL COMMUNICATIONS COMPANY. WITH DAWOOD HERCULES AS OUR PARTNER, WE ARE CONFIDENT IN THE POTENTIAL OF THE MARKET IN PAKISTAN AND WILL CONTINUE TO DEMONSTRATE OUR LONG-TERM COMMITMENT TO SUPPORTING THE DEVELOPMENT AND ENHANCEMENT OF THE COUNTRY’S TELECOMMUNICATIONS INFRASTRUCTURE.”
Aamir Ibrahim, CEO of Jazz proclaimed,
“THIS TRANSACTION WITH TANZANITE TOWER WILL ALLOW JAZZ TO FURTHER IMPROVE ITS CORE STRENGTH IN PROVIDING BEST IN CLASS PRODUCTS AND SERVICES TO ITS CUSTOMERS. PARTNERING WITH A TRUSTED PARTNER LIKE TANZANITE TOWER WILL ENSURE THAT JAZZ’ CUSTOMERS WILL CONTINUE TO BENEFIT FROM INDUSTRY LEADING NETWORK QUALITY. IT ALSO ALLOWS JAZZ TO FOCUS ON ITS JOURNEY TO BECOMING AN INNOVATIVE DIGITAL LIFESTYLE PARTNER.”