OMERS Infrastructure to acquire Tower Assets from TPG Telecom
TPG Telecom Limited has entered into a binding agreement to sell 100% of its passive mobile tower and rooftop infrastructure (Tower Assets) in Australia to OMERS Infrastructure Management.
The transaction is valued at AUD950 million (US$660.17 million). The transaction implies an enterprise value/EBITDA multiple of approximately 32.1 times, reflecting the important role the Tower Assets will play in supporting the projected growth and densification requirements of the industry through 1,237 existing sites and a committed build-to-suit development program of 252 new sites.
TPG Telecom expects this deal to generate net cash proceeds of approximately AUD890 million (US$618.47 million), which the company can use to repay existing bank debt.
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