Allens advises Morrison & Co and Future Fund consortium on $2.8 billion investment in Telstra's InfraCo Towers

Banking & Finance Competition, Consumer & Regulatory Employment & Safety Environment & Planning Intellectual Property Mergers & Acquisitions Technology, Media & Telecommunications

Allens is pleased to be advising Morrison & Co and the consortium led by the Future Fund Board of Guardians and including Commonwealth Superannuation Corporation and Sunsuper Superannuation Fund on the acquisition of a 49% interest in Telstra Corporation's telecommunications network tower business (InfraCo Towers). InfraCo Towers owns and operates approximately 8,200 tower assets, including over 5,500 mobile towers throughout Australia.

Co-lead partner and Funds sector leader, Emin Altiparmak said: 'The transaction underscores the strong interest of long-term investors in digital infrastructure assets. InfraCo Towers represents a first-class investment opportunity as the supporting infrastructure for Australia's mobile telecommunications network. Through the pandemic, digital infrastructure assets have only increased in attractiveness for long-term investors. We are pleased to be able to help deliver this high-profile transaction for Morrison & Co and the consortium'.

Co-lead partner and TMT practice and sector leader Gavin Smith noted: 'Telecommunications towers transactions only happen relatively rarely given the long-term nature of the underlying access arrangements. InfraCo Towers is by far the largest portfolio of towers in Australia. The continued growth in mobile and fixed wireless data usage and the current rollout of 5G networks underlines the importance and appeal of this asset class. We are delighted to be able to work with Morrison & Co and the consortium members on what is a fascinating and complex transaction.'

Allens legal team

Co-lead partners: Emin Altiparmak (M&A and Funds Sector Leader) and Gavin Smith (TMT Sector Leader)

M&A: Emin Altiparmak (Co-lead Partner), Tom Story (Partner), Joy Yoon (Senior Associate), Nick Twomey (Senior Associate), Jon van der Walt (Senior Associate), Ari Bendet (Senior Associate), Sassica Hoolahan (Associate), Kelsey Montgomery (Associate), Kye-Ren Cheong (Associate), Jin Pang (Lawyer), Marc Privitelli (Law Graduate)

Telecommunications, Media & Technology: Gavin Smith (Co-lead Partner), Michael Park (Partner), Isabelle Guyot (Managing Associate), Elyse Adams (Managing Associate), Alexandra Martin (Senior Overseas Practitioner), Jamie Griffin (Senior Associate), James Daniel (Associate), Haddon Chang (Associate), Yueh-Shin Chen (Lawyer), Dominic Keenan (Lawyer), Beata Szabo (Lawyer)

Real Estate: Victoria Holthouse (Partner), Tom Wilson (Overseas Practitioner)

Environment & Planning: Naomi Bergman (Partner), Philippa Lennon (associate), Louise Flynn (Lawyer), Lauren Rosillo (Lawyer), Eden Sweeney (Lawyer), Paddy O'Brien (Law Graduate)

Banking & Finance: Tim Stewart (Partner), Maria Ryan (Senior Overseas Practitioner), Shehan Canagasingham (Associate), Alexander Whitman (Lawyer)

Funds, Super & Wealth: Penny Nikoloudis (Partner), Sean Cole (Partner), Jo Ottaway (Financial Services Counsel), Mai Go (Senior Associate), Justine Gainsford (Associate), Joshua Gunn (Lawyer)

Employment: Sikeli Ratu (Partner), Courtney Logue (Lawyer)

Intellectual Property: Joel Barrett (Partner), Jess McKenna (Lawyer)

Competition, Consumer & Regulatory: Fiona Crosbie (Chair), Ted Hill (Partner), William Georgiou (Associate), Roy Chowdhury (Associate)

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.