Private equity firm CVC Capital Partners may soon purchase Irrawaddy Green Towers Ltd., Myanmar’s biggest cellular infrastructure company, for USD 700 million, a confidential source told Bloomberg. If successful, the deal would be the largest in Myanmar’s telecom industry and the country’s second largest deal of its kind. The deal could be finalized next week, the source said. If successful, CVC will have beat out fellow shortlist bidders Guodong Group, a Chinese company, and edotco Group, owned by Malaysian operator Axiata Group.

The massive deal only shows that telecom infrastructure is still a booming market in Myanmar, whose government has poured resources into reforming its telecom industry and achieving total cellular coverage. The effort began with the privatization of public carrier MPT, and Myanmar has since granted licenses to three additional telcos, the most recent being Mytel, which obtained a license in 2017. But with new carriers have also come new tower builders, who have enjoyed seemingly limitless government tenders to build new towers in the most remote corners of the country. Irrawaddy Green Towers, the largest of these infrastructure firms, is owned by Singapore-based Irrawaddy Towers Asset Holding.