Veon’s Bangladesh subsidiary Banglalink reached a deal to sell about a third of its tower assets to Summit Towers for BDT11 billion ($99.2 million), with plans to use the proceeds to service its financial commitments and upgrade its digital capabilities.

Banglalink will transfer more than 2,000 towers to Summit Towers, which is majority-owned by Bangladesh-based Summit Communications Group.

The deal includes a long-term service partnership.

Veon group CEO Kaan Terzioglu stated the agreement will enable Banglalink to focus on its core business and address “demand in entertainment, education, healthcare and financial services”.

Banglalink CEO Erik Aas added the partnership with Summit Towers will allow it to focus resources on “bridging the digital divide for all”.

The transaction requires approval by the Bangladesh Telecommunication Regulatory Commission. 

Data from GSMA Intelligence showed Banglalink ended September with 39.8 million mobile connections, behind market leader Grameenphone (82 million) and Robi Axiata (57.6 million).