Singtel, AustralianSuper to Acquire Axicom for A$3.58B

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By Ben Otto

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A company co-owned by Singapore Telecommunications Ltd. and AustralianSuper will acquire Australian tower company Axicom for 3.58 billion Australian dollars (US$2.67 billion).

The two said Friday that their co-owned unit, Australia Tower Network, will acquire Axicom to expand its telecommunications footprint across Australia. Axicom owns and operates about 2,000 telecom sites across the country.

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Singtel will fund part of the deal, amounting to A$212 million, via a combination of subscription for new ATN shares and shareholder loans. Following the acquisition, Singtel will have an effective interest of 18% in ATN, while AustralianSuper will hold the remainder.

“This acquisition will result in the creation of a provider with a truly national footprint that will connect the vast majority of Australian families and businesses,” Nik Kemp, AustralianSuper’s head of infrastructure, said in a statement.

AustralianSuper, a superannuation fund that manages more than A$260 billion in retirement savings, acquired a 70% stake in ATN from Singtel last year.

Write to Ben Otto at [email protected]

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Credit: www.marketwatch.com /

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