I SQUARED Capital is considering buying some of the assets of DigitalBridge Group’s South-east Asian telecom tower operator, according to people with knowledge of the matter.
DigitalBridge had been evaluating a potential full sale of the company, Singapore-based EdgePoint Infrastructure, but was unable to reach an agreement with I Squared on valuation, the people said, asking not to be identified because the deliberations were private.
While various options are being discussed, the US-based infrastructure-focused investment firm may primarily be interested in EdgePoint’s assets in Malaysia and the Philippines, the people said. Those parts of the business could be worth as much as US$2 billion, they said.
Meanwhile, the Indonesian assets, which may be valued at about US$1 billion, could attract interest from bidders including domestic players, the people added.
Talks are ongoing and may not result in a sale, the people said. Representatives for I Squared and DigitalBridge declined to comment.
Singapore-based EdgePoint operates about 15,000 telecom towers in Indonesia, Malaysia and the Philippines, its website shows. EdgePoint is also backed by Abu Dhabi Investment Authority.
In September, Bloomberg News reported that US-based DigitalBridge was working with financial advisers on a strategic review that may lead to a full or partial sale of EdgePoint. DigitalBridge had been seeking a valuation of as much as US$4 billion for the telecom tower business in any transaction, people familiar with the matter said at the time. BLOOMBERG
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