Stonepeak, an alternative investment firm specializing in infrastructure and real assets, has announced that certain of its associated investment vehicles have signed definitive agreements to acquire 2,180 telecom towers and related passive infrastructure from Globe Telecom, Inc. for a total consideration of approximately $472.2 million USD (P26.2 billion).
Stonepeak is entering into the transaction through Miescor Infrastructure Development Corporation (MIDC), a joint venture between Meralco Industrial Engineering Services Corporation (MIESCOR) and Stonepeak. MIESCOR is a subsidiary of Manila Electric Company (Meralco), the largest private sector electric distribution utility company in the Philippines.
As part of the transaction, MIDC and Globe executed a Master Lease Agreement, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years. In addition, Globe has commissioned MIDC to construct 750 additional build-to-suit towers over the next four years on which Globe will be the anchor tenant.
“We are delighted to partner with MIESCOR and the MIDC team on this exciting opportunity with Globe,” said Stonepeak Senior Managing Director and Head of Asia and the Middle East, Hajir Naghdy. “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.”
“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,” said Darren Keogh, Senior Managing Director at Stonepeak. “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.”
“We are very pleased to be partnering with Stonepeak on this landmark deal with Globe that marks a critical milestone in MIDC’s strategy to enter the digital infrastructure space, which plays a vital role in driving economic growth and social well-being through digital inclusion. This also gives us the momentum to pursue more opportunities that will help us achieve our aspiration to become a trusted telco tower operator in the Philippines and eventually, a market leader in the digital infrastructure business,” MIDC Chairman Atty. Ray C. Espinosa said.
Stonepeak has a sizable and growing presence in Asia Pacific with 44 professionals located across Singapore, Hong Kong, Taipei, Seoul, Tokyo, and Sydney. This transaction represents Stonepeak’s second digital infrastructure investment in the region and follows the 2020 establishment of Singapore-headquartered Digital Edge, a diversified Asia Pacific data center platform that aims to transform digital infrastructure in the region through building and operating state-of-the-art, energy efficient data centers rich with connectivity options.