Veon subsidiary Banglalink completed the sale of about 2,000 towers to Summit Towers for BDT11 billion ($100 million), with the Bangladesh operator to use the funds to fulfil financial commitments and generate cost efficiencies.

Banglalink will lease the infrastructure for an initial period of 12 years, with potential extensions.

In a statement, Veon group CEO Kaan Terzioglu explained the sale is a milestone in a strategy to transform the company “into an asset-light digital operator”, freeing up resources for its expansion.

He added the move is “an important step in crystallising the value of our infrastructure assets in Bangladesh, enabling Banglalink to focus on delivering value as a digital operator”.

The deal was approved by the Bangladesh Telecommunication Regulatory Commission and gives Summit Tower a portfolio of 4,500 towers in the country. 

Banglalink CEO Erik Aas said it doubled network capacity and extended coverage nationwide over the past 18 months.