Forms joint venture with a subsidiary of the largest private sector electric distribution utility company in the Philippines to pursue telecommunications towers investments in the region
Represents Stonepeak’s first towers transaction in the Asia Pacific region
NEW YORK, August 12, 2022--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today 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. (Globe) (PSE: GLO) 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) (PSE: MER), 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.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $49.3 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney. For more information, please visit www.stonepeak.com.
MIDC is an independent tower company registered with the Department of Information and Communications Technology that provides tower construction, site acquisition, site permitting and erection of towers, and tower management services to telecommunications companies. The company is a joint venture between MIESCOR, a subsidiary of Meralco – the largest private sector electric distribution utility company in the Philippines, and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately $49.3 billion of assets under management.
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