OMERS Infrastructure to Acquire Mobile Towers and Rooftop Portfolio from TPG Telecom

Posted on 05/09/2022

OMERS Infrastructure signed an agreement to acquire, from TPG Telecom Limited, 100% of its mobile towers and rooftop portfolio, for an enterprise value of A$ 950 million. 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. TPG Telecom Limited was formerly known as Vodafone Hutchison Australia and was renamed following the merger with TPG, an Australian telecommunications company.

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 become the third global investment for OMERS Infrastructure in digital infrastructure. OMERS has 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 the third quarter of 2022, subject to customary regulatory approvals.

Keywords: Ontario Municipal Employees Retirement System.

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