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OMERS Infrastructure to Acquire Mobile Tower Assets from Australia's TPG Telecom.

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Vincent

MANews-(C)2009-2022

Canadian pension funds OMERS Infrastructure has signed an agreement to acquire, from Australian telecommunications company TPG Telecom Ltd., 100% of its mobile towers and rooftop portfolio (the Tower Assets), for an enterprise value of AUD 950m (USD 659.66m), the fund said.

After 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.

Under the terms of the acquisition, TPG has entered into a 20-year contract to use the Tower Assets, with options to extend.

TPG has also committed to building additional towers to further expand the network over the coming years.

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

Following the closing of the transaction, the company will...

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