Macquarie Asset Management has reportedly submitted a bid to acquire Edotco, the tower infrastructure arm of Axiata Group, valuing the company at approximately $3.5 billion. According to Bloomberg, Axiata is reviewing Macquarie’s offer, though there are no guarantees a deal will materialize.
Axiata currently holds a 63% stake in Edotco, meaning it could secure over $2 billion if the sale proceeds. However, the deal remains uncertain as discussions are ongoing, and other interested buyers may emerge. Edotco, with a portfolio of 55,000 towers spread across high-growth Asian markets, is expected to attract considerable interest.
This isn’t the first attempt to sell Edotco. Axiata and its co-shareholder, Innovation Network Corp of Japan (INCJ), explored a sale last year but failed to reach an agreement over valuation concerns. INCJ, holding a 21% stake, faces added pressure to divest its shares before its operational mandate expires in March 2025. Bloomberg reports that INCJ has been reaching out to potential buyers, including private equity firms and family offices.
Further complicating matters, Edotco is considering a potential IPO. Discussions around listing the company began in 2018, and plans to float shares in Kuala Lumpur by 2026 are reportedly back on the table. While a private sale and IPO are not mutually exclusive, the process requires detailed agreements among stakeholders.
With both time constraints and multiple options in play, Axiata and its partners may soon need to finalize a strategy for Edotco, whether through Macquarie’s bid, another offer, or a public listing.
