TPG Telecom Limited has agreed to sell 100 percent of its mobile towers and rooftop property (the Tower Assets) to OMERS Infrastructure for A$950 million.
Following the deal, Tower Assets will become Australia’s largest independent tower company, with over 1,230 sites focused in urban areas across the country.
OMERS Infrastructure will receive contracted revenue streams from a variety of high-quality counterparties through the Tower Assets. TPG has a 20-year contract with options to extend to use of the Tower Assets under the conditions of the acquisition.
TPG has also stated that it will build more towers in the future years to expand the network. The deal will be OMERS Infrastructure’s first 100 percent owned investment in Australia, as well as its first in the Asia-Pacific region’s digital infrastructure sector.
Following the transaction’s completion, the company will become OMERS Infrastructure’s third worldwide digital infrastructure investment.
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