Allens advises Morrison & Co and Future Fund consortium on $2.8 billion investment in Telstra’s InfraCo Towers

Allens is pleased to be advising Morrison & Co and the consortium led by the Future Fund Board of Guardians and including Commonwealth Superannuation Corporation and Sunsuper Superannuation Fund on the acquisition of a 49% interest in Telstra Corporation’s telecommunications network tower business (InfraCo Towers). InfraCo Towers owns and operates approximately 8,200 tower assets, including over 5,500 mobile towers throughout Australia.

Co-lead partner and Funds sector leader, Emin Altiparmak said: ‘The transaction underscores the strong interest of long-term investors in digital infrastructure assets. InfraCo Towers represents a first-class investment opportunity as the supporting infrastructure for Australia’s mobile telecommunications network. Through the pandemic, digital infrastructure assets have only increased in attractiveness for long-term investors. We are pleased to be able to help deliver this high-profile transaction for Morrison & Co and the consortium’.

Co-lead partner and TMT practice and sector leader Gavin Smith noted: ‘Telecommunications towers transactions only happen relatively rarely given the long-term nature of the underlying access arrangements. InfraCo Towers is by far the largest portfolio of towers in Australia. The continued growth in mobile and fixed wireless data usage and the current rollout of 5G networks underlines the importance and appeal of this asset class. We are delighted to be able to work with Morrison & Co and the consortium members on what is a fascinating and complex transaction.’

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