08 October 2024

PhilTower Consortium (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) has completed a transaction that creates one of the largest independent telecommunications tower companies in the Philippines.

This new entity is owned by a group of reputable global and local investors, including Macquarie Capital, Stonepeak, Manila Electric Company (Meralco), and Global Network.

Macquarie Capital has been a shareholder in PhilTower since 2021 and committed 100% of the equity to support PhilTower’s acquisition of up to 1,350 telecommunications towers from Globe Telecom. By combining PhilTower’s and MIDC’s existing towers and expertise, the new entity will operate on a national scale with a portfolio of over 3,300 operational towers and a pipeline of more than 2,100 committed orders.

The new entity is expected to focus on improving coverage for its mobile network operator clients and driving further investment into digital infrastructure, while also creating new synergies with its three main customers, Globe, Smart, and Dito.

The transaction has been approved by the Philippine Securities and Exchange Commission (SEC) and the Philippine Competition Commission (PCC), with all deal completion conditions met, allowing both companies to move forward with the transition process.