In a statement to the ASX on Monday, TPG said it expected to get $890 million in cash proceeds from the sale which would be used to rapy existing bank debt.

TPG Telecom is the company formed from the merger of Vodafone Hutchison Australia and TPG Corporation in 2020.

The 1237 tower assets sites include 428 towers and 809 rooftops, representing about 21% of TPG Telecom’s total mobile network footprint, the remainder of which is already owned and operated by other tower companies.

Chief executive and managing director Iñaki Berroeta said: "We are delighted to have concluded the strategic review of these assets with such a strong outcome for TPG Telecom shareholders.

The transaction represents competitive long-term financing, which will reduce our total financial leverage and deliver lower borrowing costs.

“The tower sale demonstrates the disciplined approach we are taking to asset utilisation and capital allocation as we pursue opportunities to unlock value and maximise our potential for customers and shareholders.

"It builds on the landmark multi-operator core network agreement we announced in February this year to enable regional network sharing with Telstra (subject to regulatory approval).

“We are excited to welcome OMERS as a strategic partner and long-term custodian of these mobile network sites.

"We look forward to working with OMERS to transition the business and then to support its growth as it provides critical telecommunications infrastructure services to our customers and the broader Australian telecommunications sector."