Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, forms a strategic alliance with a subsidiary of the Philippines’ largest private sector electric distribution utility company, to pursue investments in telecommunications towers in the Asia-Pacific region.
Stonepeak announced that certain of its affiliated investment vehicles have signed definitive agreements to acquire 2,180 telecom towers and related passive infrastructure from Globe Telecom, Inc. for approximately $472.2 million USD.
Miescor Infrastructure Development Corporation (MIDC), a joint venture between Meralco Industrial Engineering Services Corporation (MIESCOR) and Stonepeak, is the transaction’s conduit. MIESCOR is a subsidiary of Manila Electric Company (Meralco, the Philippines’ largest private sector electric distribution utility company.
Moreover, MIDC and Globe executed a Master Lease Agreement as part of the transaction, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years. Furthermore, Globe has commissioned MIDC to build 750 additional build-to-suit towers over the next four years, with Globe serving as the anchor tenant.
“We are delighted to partner with MIESCOR and the MIDC team on this exciting opportunity with Globe… 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.” said Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East.
“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… 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.” said Darren Keogh, Senior Managing Director at Stonepeak.
“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,” said Atty. Ray C. Espinosa, MIDC Chairman.
Stonepeak has a significant and expanding presence in Asia Pacific, with 44 professionals based in Singapore, Hong Kong, Taipei, Seoul, Tokyo, and Sydney. This is Stonepeak’s second digital infrastructure investment in the region, following the establishment of Singapore-based Digital Edge in 2020, a diversified Asia Pacific data center platform that aims to transform digital infrastructure in the region by building and operating state-of-the-art, energy-efficient data centers rich in connectivity options.
