TPG Telecom to Sell Mobile Tower, Rooftop Infrastructure for A$950M Enterprise Value

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By David Winning
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SYDNEY–TPG Telecom Ltd. said it has agreed to sell its mobile towers and rooftop infrastructure assets to OMERS Infrastructure Management Inc. for an enterprise value of 950 million Australian dollars (US$670.4 million).

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TPG said it expects net cash proceeds of around A$890 million from the transaction, which it will initially use to repay debt. Its initial estimates suggest an accounting gain on sale of around A$350 million-A$400 million after tax.

TPG said the deal covers 1,237 tower assets sites, which include 428 towers and 809 rooftops. That represents around 21% of the company’s total mobile network footprint, with the remainder already owned and operated by other infrastructure companies.

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“The transaction represents competitive long-term financing, which will reduce our total financial leverage and deliver lower borrowing costs,” said Iñaki Berroeta, TPG’s chief executive and managing director.

Write to David Winning at [email protected]

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Credit: www.marketwatch.com /

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