OMERS INFRASTRUCTURE ACQUIRING TPG TELECOMMUNICATION TOWER, ROOFTOP PORTFOLIO

KUALA LUMPUR, May 10 (Bernama) -- OMERS Infrastructure has announced signing an agreement to acquire, from TPG Telecom Limited, 100 per cent of its mobile towers and rooftop portfolio (the Tower Assets), for an enterprise value of A$950 million. (A$1 = RM3.04)

Following the transaction, the Tower Assets, consisting of over 1,230 sites which are concentrated in metro locations across Australia, will become the largest independent tower company in Australia.

The Tower Assets will provide OMERS Infrastructure with contracted revenue streams from a range of high-quality counterparties, according to a statement.

Under the terms of the acquisition, TPG has entered into a 20-year contract to use the Tower Assets, with options to extend, having also committed to building additional towers to further expand the network over the coming years.

The transaction will be OMERS Infrastructure’s first 100 per cent owned investment in Australia and its first investment in the digital infrastructure sector in the Asia-Pacific region.

OMERS Infrastructure Senior Managing Director, Asia-Pacific, Christopher Curtain said: “Australia and Asia-Pacific more broadly are priority markets for OMERS Infrastructure, where we continue to see significant investment opportunities. We are excited to have the investment in TPG’s Tower Assets join our portfolio of high-quality Australian infrastructure investments, alongside Port of Melbourne, Transgrid and renewable energy developer FRV Australia.

“In the transaction, we see an excellent opportunity to realise our digital infrastructure thesis in the region. We look forward to working with the TPG team to first transition the business and then support its growth as it provides critical telecommunications infrastructure services to its customers.”

Following the closing of the transaction, the company will become the third global investment for OMERS Infrastructure in digital infrastructure, with OMERS having completed investments in two other digital infrastructure transactions in Europe over the last three years – Deutsche Glasfaser in Germany in 2020, and XP Fibre in France in 2019.

OMERS Infrastructure was advised by RBC Capital Markets, Baker McKenzie, PricewaterhouseCoopers, Altman Solon, Grex Consulting and Alvarez & Marsal. The closing of the transaction is expected in Q3 2022, subject to customary regulatory approvals.

For more information, visit www.omersinfrastructure.com.

-- BERNAMA