Veon subsidiary Banglalink has finalized the sale of 2,000 of its telecom towers in Bangladesh to Summit Towers.

The $100 million deal was confirmed by Veon in a statement yesterday.

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First announced in November, the sale represents a third of Banglalink’s towers portfolio going to Summit Towers, a company majority-owned by Bangladeshi infrastructure group Summit Communications Group.

Summit Towers owns and operates around 4,500 towers across Bangladesh.

Banglalink has previously said the proceeds from the transaction will be used to service debts.

The operator is the third-biggest in Bangladesh with more than 32 million subscribers.

“This sale marks an important milestone for us, as we continue to successfully execute our strategy to transform Veon into an asset-light digital operator," said Kaan Terzioğlu, group CEO of Veon.

"This is a first and an important step in crystalizing the value of our infrastructure assets in Bangladesh, enabling Banglalink to focus on delivering value as a digital operator that offers its customers locally relevant digital services."

“We are delighted to have successfully finalized the deal within the mutually agreed timeline. Acquiring the ownership of the towers in this deal adds to our portfolio of 4,500 towers in the Bangladesh market," added Muhammad Farid Khan, chairman of Summit Communications Limited and Summit Towers Limited.