Veon Agrees to the Sale of 13,000 Wireless Towers in Pakistan for $940 Million; Shares Fairly Valued
On Aug. 30, Veon announced that its 85%-owned subsidiary Jazz in Pakistan had agreed to sell its portfolio of 13,000 cellular towers to Tanzanite Tower for approximately $940 million. While this transaction monetizes the asset and is part of the firm’s strategy to become an asset-light operator, it does remove a source of unique assets that could help in developing a moat. Thus, we are maintaining our no-moat rating. The $72,000 price per tower is average for an emerging-market country, so the t...
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