Allens has advised Australia's largest industry superannuation fund, AustralianSuper, on the acquisition of a 70 per cent stake in Australia Tower Network (ATN) for approximately A$1.9 billion.
ATN is Australia's largest independent tower company and will continue operating Optus' passive telecommunications tower infrastructure in partnership with Singtel. Its tower platform comprises over 2,300 mobile network towers and rooftop sites across Australia.
The acquisition will be a significant addition to AustralianSuper's existing A$24 billion infrastructure portfolio, and is expected to accelerate Optus' rollout of Australia's 5G experience.
'We continue to see elevated levels of direct investment from Australian superannuation funds and a strong appetite for infrastructure assets,' said lead Partner Wendy Rae.
'High-quality infrastructure assets, such as ATN, continue to be hotly contested. We are delighted to have been able to support AustralianSuper on this landmark direct investment in digital infrastructure,' added M&A Partner Jessica Choong.
This telecommunications towers transaction follows on from the recent acquisition of a 49% interest in Telstra Corporation's telecommunications network tower business (InfraCo Towers), on which Allens advised Morrison & Co and the consortium led by the Future Fund Board of Guardians, including Commonwealth Superannuation Corporation and Sunsuper Superannuation Fund.
TMT Partner Phil O'Sullivan noted, 'Increased data usage and adoption of mobile services, and the rollout of 5G, are some of the drivers fuelling growth in this digital infrastructure asset class. The future looks bright with Optus' commitment as the anchor tenant for ATN's new build-to-suit program.'
Allens legal team
Wendy Rae (Partner), Jessica Choong (Partner), Vincent Pang (Senior Associate), Ari Bendet (Senior Associate), Mayuri Dharmakulasingam (Associate), Kim Le (Lawyer)
Telecommunications, Media & Technology
Phil O'Sullivan (Partner), William Coote (Senior Associate), Leah Wickman (Senior Associate), Maddison Ryan (Associate), Catherine Gamble (Associate), Lauren Holz (Associate)
Banking & Finance
Michael Ryan (Partner), Alex Tonkin (Managing Associate), Sarah Delaney (Senior Associate), Brooke Muggeridge (Senior Associate), Charlotte Brock (Associate), Michael Zeng (Lawyer)
Funds, Super & Wealth
Geoff Sanders (Partner), Philip Marquet (Senior Associate)
David McLeish (Partner), Anne Paciocco (Senior Associate)
Environment & Planning
Naomi Bergman (Partner), Philippa Lennon (Associate)
Simon Dewberry (Partner), Tom Bleby (Lawyer)
Competition, Consumer & Regulatory
Jacqueline Downes (Partner), Melissa Camp (Lawyer)
Joseph Power (Partner), Jay Prasad (Managing Associate), George Bishop (Associate)