Macquarie Infrastructure Partners sells cellular tower business for $4.8 billion
Macquarie's North American fund, Macquarie Infrastructure Partners, is selling a wireless communications tower business for $US4.8 billion, six years after it paid $US1.4 billion for the investment to Blackstone Group. Macquarie bought the business with minority partners including Dutch pension fund manager PGGM.
Global Tower Partners (GTP) will be acquired by American Tower Corporation, the companies announced in the United States on Friday.
GTP owns and operates about 5400 towers, 800 property interests under third-party communications sites, and has management rights to over 9000 domestic sites, which are mainly rooftop assets. It also owns 500 communications sites in Costa Rica. Most of GTP's revenue base is derived from long-term contracts with major wireless operators.
The purchase price is $US3.3 billion in cash plus $US1.5 billion of existing indebtedness.
Goldman Sachs Group Inc. and EA Markets Securities LLC served as American Tower's financial advisers, with Clifford Chance US LLP and Sullivan & Worcester LLP offering legal counsel. Global Tower Partners was advised by Deutsche Bank AG.
Macquarie Infrastructure Partners I, headquartered in New York, is a diversified unlisted fund that was set up in 2006 and that focuses on infrastructure investments in North America.
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