OMERS Infrastructure has agreed to acquire a mobile tower portfolio from TPG Telecom for an enterprise value of A$950 million ($671 million).
The Tower Assets, which consist of more than 1,230 sites concentrated in metro locations across Australia, will become the largest independent tower company in the country. TPG signed a 20-year contract to use the Tower Assets, with options to extend. TPG also has plans to build additional towers to further expand the network later.
This marks the third global investment for OMERS Infrastructure in digital infrastructure and its first investment in the digital-infrastructure sector in the Asia Pacific region.
The transaction will be OMERS Infrastructure’s first 100-percent owned investment in Australia.
“We are excited to have the investment in TPG’s Tower Assets join our portfolio of high-quality Australian infrastructure investments, alongside Port of Melbourne, Transgrid and renewable energy developer FRV A