The 49% stake was bought by a consortium comprising the Future Fund, Commonwealth Superannuation Corporation and Sunsuper, managed by Morrison & Co, with the deal completed today.
The deal makes Amplitel the largest mobile tower infrastructure provider in Australia, with an asset portfolio of more than 8,000 physical towers, mast, large pole and antenna mount structures.
Marko Bogoievski, CEO of Morrison & Co, said: "We are pleased to have completed this transaction, and we now look forward to working with the Amplitel team to deliver efficient and reliable mobile infrastructure for its consumers, and consistent long-term returns for our investors."
The transaction was due to close in Q3 and, when announced in June, it valued the Telstra InfraCo Towers business – comprising 8,200 tower assets including over 5,500 mobile towers – at A$5.9 billion. Under the terms of the transaction, Telstra retains a 51% stake in the business and has entered into a 15-year agreement with InfraCo Towers to secure continued access to its services.
According to Will Smales, global head of private markets at Morrison & Co, the new owners have big plans for their investment.
Smales said: "We are turning our focus towards future opportunities for this business, including the development of new assets, the expansion of tenancy agreements, and simplification of processes and pricing to maintain Amplitel's competitiveness and efficient management of its resources."
