08 September 2022

Stonepeak, an alternative investment firm specialising in infrastructure and real assets, said some of its associated investment vehicles have signed agreements to acquire 2,180 telecom towers and related passive infrastructure from Globe Telecom of the Philippines for US$472.2m.

The fomer Stonepeak is entering into the transaction through Miescor Infrastructure Development Corporation (MIDC), a joint venture between Meralco Industrial Engineering Services Corporation (MIESCOR) and Stonepeak. MIESCOR is a subsidiary of Manila Electric Company (Meralco), the largest private sector electric distribution utility company in the Philippines.

Under the terms of the deal, MIDC and Globe executed a Master Lease Agreement, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years.

In addition, Globe has commissioned MIDC to construct 750 additional build-to-suit towers over the next four years on which Globe will be the anchor tenant.

“We are delighted to partner with MIESCOR and the MIDC team on this exciting opportunity with Globe,”said Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East. This transaction is a great fit for our Asia Infrastructure strategy, which targets investments across energy transition, transportation and logistics, and communications and digital infrastructure, and represents a significant milestone for our growing Asia Pacific business.”

Darren Keogh, senior managing director at Stonepeak, said that as his company continues to expand its presence in the Asia Pacific region, it remains “deeply committed to sourcing attractive digital infrastructure investment” opportunities for its limited partners. “We believe the growth prospects in the Philippines mobile tower industry are robust and as such are excited to acquire this substantial portfolio of tower assets with Globe as a long-term anchor tenant and the opportunity to build additional towers over the next four years,” he added.

Stonepeak has a growing presence in Asia Pacific with 44 professionals located across Singapore, Hong Kong, Taipei, Seoul, Tokyo and Sydney.