The firm also announced several new partners and managing associates
A massive multidisciplinary team at Allens has advised Morrison & Co and Future Fund consortium on its $2.8bn investment on Telstra Corporation's telco network tower business.
Through the investment, the alternative asset manager and the consortium snag a 49% interest in InfraCo Towers, which Allens TMT practice and sector head Gavin Smith described as “by far the largest portfolio of towers in Australia.”
“Telecommunications towers transactions only happen relatively rarely given the long-term nature of the underlying access arrangements,” Smith said. “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.”
The Future Fund Board of Guardians is at the helm of the consortium, which counts Commonwealth Superannuation Corporation and Sunsuper Superannuation Fund as members.
InfraCo Towers is the owner and operator of about 8,200 tower assets, including “over 5,500 mobile towers throughout Australia,” Allens said. The investment highlights long-term investors’ significant interest in digital infrastructure assets, explained M&A and funds sector head Emin Altiparmak.
“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,” said Altiparmak, who co-led the firm’s team with Smith.
The Allens team consisted of lawyers from several practice groups. The full list of team members is as follows:
M&A
TMT
Real estate
Environment and planning
Banking and finance
Funds, super and wealth
Employment
IP
Competition, consumer and regulatory
Among the lawyers who assisted on the InfraCo Towers deal were some of the new partners and managing associates welcomed by Allens last week, with Bergman and Guyot stepping into their new roles on Thursday.
Managing partner Richard Spurio said that the “diverse and talented group of lawyers is helping clients navigate the challenges and opportunities of today's fast-changing landscape.” He confirmed that the firm remains “on track to achieve our goal of at least 35% female partners during 2022.”
The other new appointments are listed as follows:
Partners
Managing associates
