Herbert Smith Freehills has advised Axiata Group’s wholly owned subsidiary edotco in the acquisition of a majority stake in Myanmar Tower Company (MTC), with Davis Polk & Wardwell and Jones Day advising the sellers.

Under the terms of the deal, Axiata Group, Malaysia's biggest mobile operator, bought the 75 percent stake via MTC’s parent company, Digicel Asian Holdings, which is valued at around $221 million. The deal is to be settled in cash for about $125 million.

Digicel Asian Holdings is a joint venture between Digicel Group and YSH Finance, a subsidiary of Myanmar company Yoma Strategic Holdings. Yoma retains its 25 percent stake in Digicel Asian Holdings.

A Herbert Smith Freehills team led by partners Nicola Yeomans and Mark Robinson advised edotco on the regulatory, financing, and competition aspects of the deal. Davis Polk & Wardwell advised Digicel Group, while Clifford Chance counseled YSH Finance.

In November, Axiata Group issued a $500 million wakala sukuk Islamic bond to fund the transaction.