EDOTCO, one of Asia’s leading independent tower companies with operations across Malaysia, Bangladesh, Pakistan, Indonesia, and the Philippines, is once again at the centre of market speculation. Bloomberg reports that its majority shareholder, Axiata Group, has invited banks and sovereign wealth fund Khazanah Nasional to submit proposals as it considers a sale of its stake in the towerco.
A deal could be valued at up to US$3bn including debt, though discussions remain at an early stage and no final decision has been made. While the news has been widely reported as a potential exit by Axiata, it is the fate of EDOTCO itself that could reshape Asia’s tower landscape.
With a portfolio of 55,800 towers across the region, EDOTCO ranks as the fourth largest towerco in Asia by site count. Its footprint includes major markets such as Bangladesh, Cambodia, Indonesia, Laos, Malaysia, Pakistan, Philippines, and Sri Lanka.
Interest in EDOTCO has been high in recent years. In December 2024, Macquarie Asset Management was reported to have offered US$3.5bn for Axiata’s stake, a valuation that would place the deal among the largest in the sector. More recently, Japanese investor Innovation Network Corporation of Japan revived efforts to sell its stake in the towerco, culminating in a reported agreement with Khazanah in March 2025.
Despite the company denying it is currently involved in any sale discussions, the momentum behind shareholder-level transactions suggests change is coming. Axiata currently holds a 63% stake in EDOTCO, and the sale of such a position would likely bring in new strategic or financial partners with an appetite for expansion.
TowerXchange has tracked a series of stake sales and consolidations across the region, including Macquarie’s growing presence in the Philippines and DigitalBridge’s acquisition of JTOWER in Japan. Any change at EDOTCO could catalyse further consolidation or create opportunities for expansion—particularly in underpenetrated markets such as Vietnam, Thailand, and India where over 600,000 towers remain in MNO hands.
If a deal goes ahead, it would mark a new chapter for EDOTCO and could create one of the largest tower transactions in the region in recent years. TowerXchange will continue to monitor developments as discussions unfold.
