AustralianSuper-Backed Australia Tower Network to Acquire Axicom

Posted on 04/01/2022

AustralianSuper and Singapore Telecommunications Ltd. (Singtel) owns Australia Tower Network. Australia Tower Network is buying Axicom Pty Limited, one of Australia’s major providers of telecommunications tower infrastructure, for A$ 3.58 billion from Macquarie. Axicom owns and operates approximately 2,000 telecommunication sites located in metro and outer-metro locations across all eight states and territories and major cities in Australia. Other sellers in Axicom include UniSuper, a UBS managed infrastructure fund, and the Abu Dhabi Investment Authority (ADIA).

AustralianSuper acquired a 70% stake in Australia Tower Network from Singtel in November 2021. Following the Axicom acquisition, Singtel’s shareholding in the combined ATN/Axicom business will be 18%, with AustralianSuper at 82% ownership.

AustralianSuper will continue to seek further opportunities in this sector both in Australia and globally.

Crown Castle Australia Holdings
On May 15, 2015, Macquarie Infrastructure and Real Assets (MIRA) and one of its managed funds, and also comprising Unisuper and the UBS International Infrastructure Fund II, bought the Australian wireless communications infrastructure business, Crown Castle Australia Holdings Pty Ltd for A$ 2 billion. The seller for the 2015 deal was U.S.-based Crown Castle International, which owned 77.6% of the target company. Crown Castle Australia Holdings was renamed to Axicom.

Airtel Africa
On March 25, 2022, Singtel monetized a 1.6% stake in Airtel Africa through a market placement, as part of its capital recycling strategy. It raised net proceeds of approximately S$ 150 million from the placement which was well oversubscribed. Following this transaction, Singtel will continue to hold a 21.7% effective stake in Airtel Africa, comprising a 17.8% indirect stake through its regional associate Airtel and a 3.9% direct stake.

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