Monday, 09 May 2022 10:58

TPG Telecom sells mobile towers to OMERS for $950m Featured

Iñaki Berroeta: "The tower sale demonstrates the disciplined approach we are taking to asset utilisation and capital allocation. Iñaki Berroeta: "The tower sale demonstrates the disciplined approach we are taking to asset utilisation and capital allocation. Supplied

Australian telco TPG Telecom has sold its passive mobile tower and rooftop infrastructure to Canadian firm OMERS Infrastructure Management for $950 million.

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.

"The portfolio includes 120 sites in non-metropolitan locations at which TPG Telecom intends to decommission its active equipment

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."

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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