Veon, Summit complete $100M deal for Bangladesh towers portfolio

VEON announces that, further to the announcement dated 15 November 2023, and the legal transfer of towers in December 2023 following the receipt of all regulatory approvals, its wholly owned subsidiary Banglalink has completed the sale of part of its tower portfolio in Bangladesh to Summit Towers Limited for a consideration of approximately BDT 11 billion. With this transaction, Summit Towers Limited, a subsidiary of Summit Communications Group, the largest Telecommunications Infrastructure Company in Bangladesh, took ownership of 2,012 Banglalink towers. Under the terms of the Master Tower Agreement between the parties, Banglalink secures the provision of tower infrastructure services for an initial period of 12 years, with potential extensions. The proceeds from the deal will primarily be used to fulfill Banglalink’s financial commitments and generate cost efficiencies, freeing up resources for the company’s digital expansion. In line with VEON Group’s asset-light strategy, VEON and Banglalink will continue to evaluate and pursue collaborative opportunities related to Banglalink’s remaining tower portfolio.