AustralianSuper Takes Majority Stake In Optus Towers
Optus’ parent company Singtel will sell a 70 per cent stake in Australia Tower Network, the subsidiary that holds Optus’ telco towers to AustralianSuper for $1.9 billion.
This brings to a close an open auction that has ran for five months. Under the terms of the deal, AustraliaSuper take a 70 per cent stake of ATN’s 2,312 mobile towers and rooftop sites.
“Under the terms of the deal, Optus will have continued access to the sites through a long-term lease agreement with ATN,” the telco said in a statement, with Optus CEO Kelly Bayer Rosmarin saying the sale “unlocks significant value for the organisation.”
The move mirrors that of Telstra, who sold 49 per cent of its towers business in June to a consortium of superannuation companies for $2.8 billion.
“The sale of these assets positions Optus well for the future as it provides capital to support core business growth while importantly allowing us to maintain the competitive advantage of our network’s active elements which continue to top independent reports on speed and quality of our network.”
The sale will be finalised by the end of this month.