CVC Capital Partners has bought Irrawaddy Green Towers Ltd. in a deal reportedly worth USD 700 million — the second biggest of its kind in Myanmar. The finalized agreement, which will be CVC’s first Myanmar acquisition, confirms earlier reports that the Luxembourg-based company had beat out rival bidders including Guodong Group, a Chinese company, and edotco Group, owned by Malaysian operator Axiata Group.

“We look forward to continued progress and success, underlining the attractive fundamentals and strong growth of Myanmar’s mobile communication sector,” Jamal Ramadan, director of M1 Towers, a shareholder of Irrawaddy Green Towers, told Reuters.

Ramadan’s reference to “strong growth” in the sector is genuine. Irrawaddy Green Towers is Myanmar’s largest cellular infrastructure company with more than 4000 towers nationwide. Its record-breaking sale shows that cellular is still one of Myanmar’s most promising sectors. In the past decade, the government has granted licenses to new private carriers and privatized state-owned carrier MPT. This effort has produced a veritable gold rush for infrastructure companies, who have erect numerous towers throughout the country within a short timespan.