Stonepeak confirmed various definitive agreements signed by its associated investment sources, resulting in the acquisition of 2,180 telecom towers and related passive infrastructure from Globe Telecom, Inc. The transaction is valued at approximately $472.2 million USD.
“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.”
Among the deals secured by Stonepeak is its Miescor Infrastructure Development Corporation transaction. The venture, MIESCOR, serves as a subsidiary of the largest Philippines-based electric distribution utility company, Manila Electric Company.
“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.”
The transaction also includes a Master lease Agreement signed by MIDC and Globe, which will require Globe to serve as the anchor tenant of the telecom towers for a duration of 15 years.
Under the terms of the agreement, Globe has also agreed to construct 750 additional build-to-suit towers and serve as an anchor tenant over the course of 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.
The transaction is the second of its kind for the company, following its acquisition of the data center platform, Digital Edge. The company counts on the support of its 44 representatives based across Singapore, Hong Kong, Taipei, Seoul, Tokyo, and Sydney.