The stake is valued at about $1.9bn, and is set to speed up the rollout of 5G in the country
AustralianSuper has acquired a 70% stake in Australia Tower Network (ATN) with the help of a team from Allens.
The majority interest is valued at about $1.9bn, and is an investment in Optus Towers. The acquisition is set to speed up the rollout of 5G in Australia by Optus.
“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 TMT partner Phil O'Sullivan said.
Lead partner Wendy Rae added that the firm has observed “elevated levels of direct investment from Australian superannuation funds and a strong appetite for infrastructure assets.”
ATN will continue to partner with Singtel on running Optus’ passive telecommunications tower infrastructure.
“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,” Allens M&A partner Jessica Choong said.
Allens put together a team consisting of experts across different practice areas, including M&A, TMT, banking and finance and funds, super and wealth. The following lawyers advised on the transaction:
M&A
TMT
Banking and finance
Funds, super and wealth
Real estate
Environment and planning
Employment
Competition, consumer and regulatory
Tax
Allens also boosted its projects, real estate and development offering with the addition of construction and major projects specialist Kip Fitzsimon to the partnership. She focuses on the infrastructure, property and energy and resources sectors, and has provided project development advice on many major projects in the country.
“We are very excited to welcome Kip to the Allens team. She brings with her 14 years' experience and a comprehensive understanding of clients' needs across large and complex projects,” said Emma Warren, who leads the projects, real estate and development team. “'We also look forward to leveraging Kip's strong leadership and mentoring skills to continue developing our team, building fulfilling careers and offering value to clients.”
