Global Telecom subsidiary sells tower company for $940M

CAIRO – 30 August 2017: Global Telecom Holding company announced Wednesday that its subsidiary in Pakistan, Jazz, signed a deal to sell its tower company Deodar for $940 million, according to a statement on its website.

The wholly-owned unit owns a portfolio of approximately13,000 telecommunication towers that will be sold to Tanzanite Tower Limited, a tower operating company owned by edotco Group and Dawood Hercules Corporation, the statement said.

Global Telecom’s profits increased 33.4 percent to $35 million in the second quarter of 2017, compared to $26 million in the year-ago period.

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