July 19, 2024

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AusSuper, Singtel-owned ATN Buys Phone Towers Business Axicom

AusSuper, Singtel-owned ATN Buys Phone Towers Business Axicom

(Bloomberg) — Australian Tower Community Pty Ltd, the former Singtel Optus Pty Ltd cellular phone towers device taken over by AustralianSuper past yr, has agreed to a A$3.58 billion ($2.68 billion) deal for peer Axicom Pty Ltd, the corporations mentioned Friday.

The deal for the business enterprise, which is owned by Macquarie Asset Management and runs about 2000 sites positioned in just about every of Australia’s cash cities, will dilute the Singapore Telecommunications Ltd’s remaining ownership in ATN down to 18% from 30%, when growing the Australian pension fund’s stake to 82%, the providers said. 

Axicom is the greatest unbiased operator of cellular cellular phone towers at a time when the nation’s two most significant telecommunications players, Singtel and Telstra Corp, have just about every sold element of their mobile phone tower property garnering $2.1 billion and $1.4 billion, respectively.

“Axicom is complementary to our present digital infrastructure portfolio and this acquisition will outcome in the creation of a supplier with a truly nationwide footprint that will connect the extensive greater part of Australian households and enterprises,” AustralianSuper Head of Infrastructure Nik Kemp was quoted as indicating.

Macquarie Asset Administration invested in Axicom in 2015, and has a lot more than doubled the weighted average lease size, the company reported in its personal assertion. 

“This acquisition is a unique option to scale up ATN’s operations and develop its purchaser foundation,” Singtel Group Chief Corporate Officer Lim Cheng Cheng was quoted as indicating. “It also reinforces Singtel’s dedication as a long-expression investor in the Australian telecoms place.”

©2022 Bloomberg L.P.