Allens has advised Australia's largest industry superannuation fund, AustralianSuper, on the acquisition of a 70 per cent stake in Australia Tower Network (ATN) for approximately A$1.9 billion.
ATN is Australia's largest independent tower company and will continue operating Optus' passive telecommunications tower infrastructure in partnership with Singtel. Its tower platform comprises over 2,300 mobile network towers and rooftop sites across Australia.
The acquisition will be a significant addition to AustralianSuper's existing A$24 billion infrastructure portfolio, and is expected to accelerate Optus' rollout of Australia's 5G experience.
'We continue to see elevated levels of direct investment from Australian superannuation funds and a strong appetite for infrastructure assets,' said lead Partner Wendy Rae.
'High-quality infrastructure assets, such as ATN, continue to be hotly contested. We are delighted to have been able to support AustralianSuper on this landmark direct investment in digital infrastructure,' added M&A Partner Jessica Choong.
This telecommunications towers transaction follows on from the recent acquisition of a 49% interest in Telstra Corporation's telecommunications network tower business (InfraCo Towers), on which Allens advised Morrison & Co and the consortium led by the Future Fund Board of Guardians, including Commonwealth Superannuation Corporation and Sunsuper Superannuation Fund.
TMT Partner Phil O'Sullivan noted, 'Increased data usage and adoption of mobile services, and the rollout of 5G, are some of the drivers fuelling growth in this digital infrastructure asset class. The future looks bright with Optus' commitment as the anchor tenant for ATN's new build-to-suit program.'
