PhilTower and MIDC Merge to Form Independent Tower Company in Philippines

Reported by Srikapardhi September 16th, 2024 at 11:38 pm

A consortium of global and local investors backs the new entity with over 3,300 towers and plans for further expansion.

Highlights

The merger creates one of the largest independent telecom tower companies in the Philippines.
The new entity combines over 3,300 operational towers and a pipeline of more than 2,100 orders.
The consortium includes major investors like Macquarie Capital, Meralco, Stonepeak, and Global Network.

PhilTower and MIDC Merge to Create Independent Tower Company in Philippines
The consortium of investors in PhilTower Consortium (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) has completed a transaction that creates one of the largest independent telecommunications tower companies in the Philippines. This new entity is owned by a group of reputable global and local investors, including Macquarie Capital, Stonepeak, Manila Electric Company (Meralco), and Global Network.

Also Read: PhilTower Deploys PowerX Intelligent Platform to Upgrade Mobile Tower Infrastructure

National Scale and Growing Tower Portfolio

Macquarie Capital has been a shareholder in PhilTower since 2021 and committed 100 percent of the equity to support PhilTower's acquisition of up to 1,350 telecommunications towers from Globe Telecom.

By combining PhilTower's and MIDC's existing towers and expertise, the new entity will operate on a national scale with a portfolio of over 3,300 operational towers and a pipeline of more than 2,100 committed orders, Macquarie Capital said in a statement Monday.

Focus on Digital Infrastructure

The new entity is expected to focus on improving coverage for its mobile network operator clients and driving further investment into digital infrastructure, while also creating new synergies with its three main customers, Globe, Smart, and Dito.

Also Read: Globe Telecom Philippines to Implement Energy-Efficient Network Solution

Commenting on the completion of the merger, PhilTower said: "The MIDC team's expertise and portfolio are highly complementary to PhilTower's, and together with our partners, we will have the ability to make a real difference through the delivery of world-class telecom infrastructure and services to our customers."

Also Read: Brookfield-led Consortium Completes Acquisition of ATC India Operations

Regulatory Approval

The transaction has been approved by the Philippine Securities and Exchange Commission (SEC) and the Philippine Competition Commission (PCC), with all deal completion conditions met, allowing both companies to move forward with the transition process.

Reported By

Srikapardhi Telecom Analyst

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.