Karachi December 20 2022: TPL Properties announce that the Parent of one of the largest Telecom Tower operators in Pakistan, has conditionally accepted the offer, made by our subsidiary TPL REIT Management Company Limited in partnership with TASC Towers (the “Consortium”) for acquisition of their subsidiary (Telecom Tower Infrastructure Company) which owns and manages more than 10,500 telecom towers in Pakistan.
The transaction is subject to signing of definitive agreements, all necessary corporate approvals and receipt of relevant regulatory approvals.
Few days earlier, Bloomberg reported that wireless operator Veon Ltd. is close to selling its tower assets in Pakistan to a consortium comprised of Pakistan’s TPL Corp. and UAE-based TASC Towers Holding Ltd. in what could be the country’s largest deal in more than a decade.
A deal could value the assets at more than $600 million, one of the people said. The TPL-TASC group has emerged as the likeliest buyer after beating out rival bidders including other telecom companies, the people said, who asked not to be identified as the information is private.
A sale of the towers, if successful, could mark Pakistan’s largest deal since 2011, according to data compiled by Bloomberg. Deliberations are ongoing and the companies could still decide against a deal, the people said.