AustralianSuper, which is the largest Australian superannuation and pension fund, and Singtel-owned Australia Tower Network (ATN) have agreed to acquire Axicom, one of Australia’s leading providers of telecommunications tower infrastructure, for A$3.58 billion.
Axicom owns and operates approximately 2,000 telecommunication sites located in metro and outer-metro locations across all eight states and territories and major cities in Australia.
In November 2021, AustralianSuper acquired a 70% stake in ATN from Singtel.
Following the Axicom acquisition, Singtel’s shareholding in the combined ATN/Axicom business will be 18%, with AustralianSuper at 82%.
“Axicom is complementary to our existing digital infrastructure portfolio and this acquisition will result in the creation of a provider with a truly national footprint that will connect the vast majority of Australian families and businesses,” said Nik Kemp, AustralianSuper Head of Infrastructure.
“This acquisition is a unique opportunity to scale up ATN’s operations and expand its customer base. It also reinforces Singtel’s commitment as a long-term investor in the Australian telecoms space where our goal has always been to provide more options and build better communications for Australian consumers and businesses. In combining ATN and Axicom, AustralianSuper and Singtel will be working closely to realise the significant operational synergies created,” stated Lim Cheng Cheng, Chief Corporate Officer Singtel’s Group.
Telstra sells a 49% stake in its towers business
Telstra will sell a 49% share in its Telstra InfraCo Towers business, which consists of approximately 8,200 towers across Australia, to a consortium comprised of the Future Fund, Commonwealth Superannuation Corporation and Sunsuper.The transaction values Telstra InfraCo Towers at $5.9 billion, representing an FY21 pro forma EV/EBITDAaL multiple of 28x. Telstra expects net cash proceeds after transaction costs of $2.8 billion at completion and the…
