OMERS Infrastructure announces agreement to acquire mobile tower company Stilmark
Fourth global investment for OMERS Infrastructure in digital infrastructure
(22 June 2022, Sydney) – OMERS Infrastructure today announced that OMERS has signed an agreement to acquire Stilmark, an independent Australian developer, owner and operator of mobile tower assets. The transaction will be OMERS second tower investment in Australia in two months, following the announcement on 9 May that it signed an agreement to acquire 100% of TPG Telecom Limited’s mobile tower and rooftop portfolio. The details of this transaction are not being disclosed.
Christopher Curtain, Senior Managing Director, Asia-Pacific for OMERS Infrastructure, said: “We have developed a strong relationship with and respect for the Stilmark management team and their capabilities. The strong focus on delivering innovative and market leading solutions for mobile network operators continues to be a key part of our interest in the company. Stilmark is an excellent fit for our new Australian digital infrastructure portfolio, as it complements our recent investment in TPG’s mobile tower and rooftop portfolio.”
Since its establishment in 2013, Stilmark has delivered numerous development and build projects for TPG and Optus, and has grown a national portfolio and pipeline of towers, with all sites secured under long-term revenue agreements. Stilmark is currently owned by its founders, management team, family offices and US-based ATN International.
Commenting on the sale, Stilmark Chairman, Graham Bradley, said: “We are delighted that our business will be joining the OMERS Infrastructure portfolio in Australia and are excited about the opportunities this creates for our team to continue our innovation leadership in the tower market.”
Christopher added: “OMERS Infrastructure is an active asset manager, seeking to grow OMERS investments across Asia-Pacific organically and through accretive acquisitions. Today’s announcement follows the news we shared last week, of an additional investment in our India road platform, IndInfravit, to facilitate its acquisition of 5 additional roads across the country. We are proud of our activity across Asia-Pacific to support and grow our portfolio in key sectors including digital infrastructure, mobility and the energy transition.”
Once the Stilmark and TPG tower asset transactions close, the consolidated towers business will be part of OMERS Infrastructure’s growing portfolio of assets in Australia, alongside Port of Melbourne, Transgrid and renewable energy firm FRV Australia. It will also be part of OMERS Infrastructure’s global portfolio of digital infrastructure assets, alongside Deutsche Glasfaser/inexio in Germany, and XP Fibre in France.
OMERS Infrastructure was advised by RBC Capital Markets, Corrs Chambers Westgarth, PricewaterhouseCoopers, Grex Consulting and Alvarez & Marsal. Stilmark was advised by Q Advisors LLC, Kain Lawyers and KPMG. The closing of the transaction is expected in Q3 2022, subject to customary regulatory approvals.
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The announcement of the transaction with TPG Telecom Limited is here: https://www.omersinfrastructure.com/news/omers-infrastructure-announces-agreement-to-acquire-its-first-asia-pacific/.
About OMERS Infrastructure
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, a defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure currently has approximately C$32 billion in assets under management and over 30 investments, principally in North America, Europe and Asia-Pacific and across sectors including energy, digital services, transportation and government-regulated services. OMERS Infrastructure has employees in Toronto, New York, the U.K., Continental Europe (including Amsterdam, NL), Asia and Australia. More information: www.omersinfrastructure.com