Macquarie Asset Management has submitted a bid to buy Axiata Group’s telecom infrastructure unit in a transaction that could value it at about US$3.5 billion, according to people with knowledge of the matter.
Axiata is evaluating the offer for edotco Group and has yet to make a decision, the people said, asking not to be identified as the process is private. Considerations are ongoing and may not lead to a deal, the people said, adding that edotco may also draw other bids.
Representatives for Macquarie and Axiata declined to comment.
Axiata, Malaysia’s biggest cellular firm, owns about 63 per cent of edotco.
Macquarie’s bid follows Innovation Network Corp of Japan (INCJ) reviving the sale of its 21 per cent stake in edotco in October. INCJ needs to unload its holding by the end of March when its mandate to operate ends. It invested US$400 million in the Kuala Lumpur-based telecom infrastructure firm eight years ago.
Founded in 2012, edotco manages over 55,000 telecom towers in Asia, including in Malaysia, Indonesia, Pakistan and the Philippines, its website shows. It agreed to sell its 87.5 per cent stake in edotco Investments Singapore, a special purpose vehicle for its investments in Myanmar, for about US$150 million in April.
Other recent Macquarie transactions include a US$663 million acquisition of Hanam Data Center in Seoul announced in August, while it sold Australian data-centre operator AirTrunk in a US$16.1 billion deal the following month. BLOOMBERG
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