Private equity company CVC Capital Partners struck a deal to acquire Myanmar mobile infrastructure provider Irrawaddy Green Towers for $700 million, Reuters reported, fighting off competition from a number of other suitors.

The news website’s sources noted a number of players including some from Southeast Asia’s communications sector had been provisionally interested in buying the business, but CVC was apparently given preferential status on completing a deal.

Moves to sell the business were reportely underway for more than a year: in May Bloomberg reported the shortlist of potential buyers also included Axiata Group and China-based infrastructure company Guodong Group. At that point, closed bids were being invited from interested parties.

Irrawaddy Green Towers is one of the largest suppliers of passive infrastructure to telecoms operators in Myanmar.

Customers for its shared tower assets and management services include mobile operators MPT and MyTel, alongside the local operations of Ooredoo and Telenor.

On its website, the company claims to be the largest independent tower company in the market, adding since formation it aimed to establish “a nationwide portfolio of telecom towers that can be shared by multiple operators to optimise infrastructure costs”.