DigitalBridge has shortlisted I Squared Capital and Macquarie Asset Management for a sale of EdgePoint Infrastructure’s Malaysian and Philippine assets, two sources said.

The sellside has shortlisted several parties, mostly funds, for the Southeast Asian assets, the sources said, with one noting that fewer than five parties are on the list.

Indicative offers for EdgePoint’s Malaysian and Philippine businesses are being collected and select parties will progress to an advanced phase of due diligence, the second source said.

I Squared Capital, Morrison, Global Infrastructure Partners, and Indonesia’s Mitratel had initially submitted non-binding bids late last year, as reported.

Separate process for Indonesia

The sellside, advised by UBS and Redpeak, have amended the deal structure to focus on EdgePoint’s Malaysian and Philippine operations, the sources said.

The process initially targeted selling the entire platform including EdgePoint’s towers in Indonesia, which account for the bulk of its portfolio.

However, a merger between domestic mobile operators XL Axiata and Smartfren Telecom has created pricing uncertainty for EdgePoint’s Indonesian business, as it affects tenancy rates and contracts, the first source said.

A separate process for EdgePoint’s Indonesian assets will run post-completion of the XL Axiata-Smartfren merger, the same source said.

A newswire reported in February that I Squared Capital was exploring the acquisition of EdgePoint’s Malaysian and Philippine assets, which could be valued at up to USD 2bn.

Established in 2020 by DigitalBridge, EdgePoint owns 11,000 towers in Indonesia via its 92.17% subsidiary Centratama Group, as well as 3,000 towers in the Philippines, and 1,800 in Malaysia, its website shows.

DigitalBridge, EdgePoint, I Squared Capital, and Macquarie declined to comment.