Global Infrastructure SherpaMacquarie Capital and partners complete transaction to create one of the largest independent telecommunications tower companies in the Philippines
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.
Get daily telecom deal alerts — free, no spam.
Counterparts (8)
Investor
Stonepeak Infrastructure Partners
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets. They invest capital on behalf of pension funds, endowments, and other large institutions, seeking opportunities with strong macro tailwinds and exceptional growth prospects.
Macquarie Capital
Macquarie Group is a global financial services organization with Australian heritage, operating in 31 markets. They have expertise in sectors ranging from renewables and infrastructure to technology, resources, commodities and energy.
Manila Electric Company (Meralco)
Manila Electric Company (Meralco) is the largest electricity distribution utility in the Philippines, serving over 7.6 million customers across a 9,685 sq km franchise area, with 2023 revenues of PHP 426.5 billion. The company also holds interests in power generation and retail electricity supply.
Global Network Inc
Global Network Inc. operates international digital infrastructure, providing critical connectivity services across diverse geographies.
Buyer
Macquarie Capital
Macquarie Group is a global financial services organization with Australian heritage, operating in 31 markets. They have expertise in sectors ranging from renewables and infrastructure to technology, resources, commodities and energy.
PhilTower Consortium Inc (PhilTower)
PhilTower Consortium Inc is a Philippines-based independent tower company aiming to build and operate 5,000-10,000 common telecommunications towers across the archipelago. Backed by Macquarie Capital and DigitalBridge, it focuses on expanding passive infrastructure to support the nation's digital connectivity.
Seller
Miescor Infrastructure Development Corporation (MIDC)
Miescor Infrastructure Development Corporation (MIDC) is a Philippine infrastructure developer focused on energy, transport, and other critical infrastructure projects within the Philippines. As a subsidiary of MIESCOR, it leverages its parent's engineering and construction expertise to develop new assets.
Globe Telecom, Inc.
Register free to access full counterpart details, deal analysis, and timeline.
Register free →Deal 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.
- 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.
Timeline
Announced
Sep 16, 2024
Signed
Closed
Get the full picture — timeline, source intelligence, and counterpart analysis.
Register free →