Engro Corp eyes acquisition of mobile tower business

Engro Corporation Ltd said on Monday it’s looking for an investment opportunity in the mobile infrastructure business, which typically involves purpose-built towers with communication equipment allowing area residents to use wireless devices. Even though the securities filing didn’t mention the potential size of investment — or name the target of acquisition — market reports suggest the conglomerate is trying to buy the tower assets of global wireless operator Veon Ltd, which runs the Jazz mobile network in Pakistan. A spokesman for Engro Corporation offered no comment when asked to confirm if the securities notice was indeed in relation to the potential acquisition of Veon’s tower assets. A recent report by Bloomberg News quoted Veon CEO Kaan Terzioglu as saying that the global company was about to conclude the sale of its 10,000-12,000 mobile towers in Pakistan. The transaction size is expected to be between $600 million and $960m based on the fact that a single tower is valued at $60,000-$80,000.