TPG Capital bought Pan Asia Majestic Eagle, a rival to its portfolio tower company Apollo Towers. Pan Asia Towers was established in 2013 and owns approximately 1,300 towers that it has constructed and leased to Ooredoo Myanmar Limited and other MNOs under long-term lease agreements. TPG plans to become the majority shareholder of any combined entity, which would have more than 3,000 towers and an enterprise value of at least $700m. This transaction valued Pan Asia Majestic Eagle at $300m. This transaction forms part of a much larger transaction under which funds controlled by TPG Capital, an equity investment platform of TPG, have set up Towers Holdings which has acquired Pan Asia Towers. Both Apollo Towers and Pan Asia Towers will be under the common ownership of Towers Holdings. Together the two businesses will have an initial aggregated portfolio of approximately 3,100 towers and 6,000 tenants, which, on a pro-forma aggregated basis, would have represented a LUR of 2.0x as at the end of March 2018. The Directors estimate that, on a pro-forma aggregated basis, the two businesses would have had combined revenues of approximately US$90 million and an EBITDA of approximately US$53 million for the financial year ending 31 March 2018. Apollo Towers' and Pan Asia Towers' unaudited management accounts for the three months from January to March 2018, were they to be annualised and aggregated, indicate annual revenues of US$102 million and an EBITDA of US$59 million.