Edotco strengthened its tower holdings in Malaysia after agreeing to pay MYR1.7 billion ($404.7 million) to acquire Touch Mindscape, which operates about 1,000 sites in the country.

The Axiata Group company stated the transaction will boost its tower market share in Malaysia from about 21 per cent to 25 per cent and also allows it to secure a fibre network.

Edotco CEO Adlan Tajudin noted the proposed acquisition is in line with its growth strategy and plans to “scale up and future-proof operations to support national digital ambitions”.

Wan Zainal Adileen, edotco Malaysia MD, stated the deal would significantly increase its tower portfolio in the states of Pahang, Negeri Sembilan and Melaka with limited overlap. He noted the average number of tenants per tower in the states is 2.4, 3.6 and 3 respectively.

The deal is scheduled to be completed by the year-end after certain conditions are met. Once closed, edotco will have 43,000 towers in Malaysia, Bangladesh, Pakistan, Sri Lanka, Cambodia, Myanmar, Philippines and Laos.