Superannuation fund AustralianSuper has paid A$1.9 billion ($1.37 billion) for a 70 percent stake in Singapore Telecommunications’ (Singtel ATN) Australian Tower Network.
Following the sale, Singtel ATN will retain its 30 percent shareholding in Australia Tower Network.
Australia Tower Network owns and operates the passive mobile tower infrastructure assets which were previously owned and operated by Optus Mobile, a wholly owned subsidiary of Singtel. The deal involves the sale of 2,312 mobile network towers and rooftop sites, it and gives the Australia Tower Network an enterprise value of A$2.3 billion ($1.6 billion).
Optus will have continued access to the towers through a long-term lease agreement with Australia Tower Network and will be the anchor tenant on 565 new build-to-suit towers to be built over the next three years, as part of the rollout of its 5G network.