Veon's Bangladesh subsidiary Banglalink has agreed to sell a portion of its tower portfolio to Summit Towers Limited for BDT 11 billion ($100 million).

In total, Banglalink is transferring more than 2,000 towers – about one-third of Banglalink’s towers portfolio – to Summit Towers, a company majority-owned by Bangladeshi infrastructure group Summit Communications Group.

Bangladesh towers
– Getty Images

“Across our markets, Veon operators are transforming into asset-light digital operators," said Kaan Terzioglu, Group CEO of Veon.

"Today’s agreement marks a milestone, ensuring efficient use of resources not only for Banglalink but also for Bangladesh as a whole."

Banglalink 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.

The closing of the transaction is subject to regulatory approvals from the Bangladesh Telecommunication Regulatory Commission.