December 20, 2022 (MLN): Telecom Tower Infrastructure Company has conditionally accepted the offer of TPL REIT Management Company Limited (TPL RMC) in partnership with TASC Towers (TASC), the company filings on PSX showed today.
The aforesaid development is subject to the signing of definitive agreements, all necessary corporate approvals, and receipt of relevant regulatory approvals, made by our subsidiary TPL REIT Management Company Limited in partnership with TASC Towers for the acquisition of their subsidiary.
To note, Telecom Tower Infrastructure Company owns and manages more than 10,500 telecom towers in Pakistan.
Earlier on September 20, 2022, TPL RMC, a wholly owned subsidiary of TPL Properties Limited, after successfully achieving the first financial close of Rs18.35 billion in TPL REIT Fund I, had entered into a strategic partnership with TASC.
TASC is a leading global operator of mobile telecom towers and has deployed and is managing over 14,000 towers in multiple geographies.
Together, TPL RMC and TASC had participated as a consortium in an auction process for the acquisition of a Telecom Tower Infrastructure Company through an Infra REIT.
The acquisition was being supported by one of the largest financial institutions which have been mandated to provide Debt Structuring Advisory & Arrangement services, while there are ongoing discussions with several international institutions to raise equity for the equity component required for the consummation of this transaction.
Further, the parties will be exploring the opportunity to acquire more Telecom Tower assets in the near future.
It is pertinent to mention that TPL Group including PSX-listed companies TPL Corp, TPL Insurance, and TPL Properties has been attracting institutional and strategic investors to Pakistan and this transaction will result in significant foreign direct investment.
The proposed acquisition is being supported by one of the largest national financial institutions which are providing debt structuring advisory and arrangement services.
Copyright Mettis Link News
Posted on: 2022-12-20T11:14:14+05:00
