Macquarie Capital and partners complete transaction to create one of the largest independent telecommunications tower companies in the Philippines
Type: Acquisition · Technology: Telecom · Country: Philippines · Announced: 2024-09-16
The $1.5 billion acquisition of over 7,000 telecom towers from Globe Telecom and PLDT by Macquarie Capital and Stonepeak establishes a major independent tower platform. This transaction enables Globe Telecom.
Analysis
Macquarie Capital, a long-term shareholder in PhilTower, has orchestrated a significant consolidation in the Philippine telecom tower sector. Partnering with infrastructure specialist Stonepeak, Manila Electric Company, and Global Network Inc., they've merged PhilTower with Miescor Infrastructure Development Corporation. This creates an independent tower company with over 3,300 operational sites and a pipeline of more than 2,100 new orders. Macquarie Capital's involvement extended beyond its existing stake, having also supported PhilTower's acquisition of up to 1,350 towers from Globe Telecom as part of this strategic build-out. The combined entity is now set to meet the country's growing need for digital connectivity.
Key points
- Merger creates an entity with over 3,300 operational towers.
- New company holds a pipeline of 2,100+ committed tower orders.
- Macquarie Capital, a PhilTower shareholder since 2021, also backed the acquisition of up to 1,350 Globe Telecom towers.
- Stonepeak, a leading international infrastructure investment firm, joins the investor group.
Counterparties
- Global Network Inc (Investor)
- Macquarie Capital (Buyer)
- Macquarie Capital (Investor)
- PhilTower Consortium Inc (PhilTower) (Buyer)
- Globe Telecom, Inc. (Seller)
- Manila Electric Company (Meralco) (Investor)
- Miescor Infrastructure Development Corporation (MIDC) (Seller)
- Stonepeak Infrastructure Partners (Investor)