Infrastructure investment major Stonepeak has agreed a $472m deal to acquire 2,180 telecom towers and related passive infrastructure from Globe Telecom.
Under the agreement, Globe will be the anchor tenant of the telecom towers for an initial period of 15 years.
Globe has also commissioned MIDC, Stonepeak’s joint venture with Meralco Industrial Engineering Services Corporation, to construct 750 additional build-to-suit towers over the next four years on which Globe will be the anchor tenant.
Hajir Naghdy, Stonepeak senior managing director and head of Asia and the Middle East, said, “We are delighted to partner with MIESCOR and the MIDC team on this exciting opportunity with Globe.
“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, added, “As Stonepeak continues to expand its presence in the Asia Pacific region, we remain deeply committed to sourcing attractive digital infrastructure investment opportunities for our 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.”
Stonepeak agreed in May to make a €1bn minority investment in buyout-backed private school business Inspired Education Group. It also brought in Macquarie Capital’s former global co-head as a senior managing director and head of Europe.
The specialty buyout house hauled in a massive $14bn of commitments for Stonepeak Infrastructure Fund IV, and last summer it gathered $2.75bn for the hard cap close of its first renewables fund.
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