Sydney, 01 April 2022
Macquarie Asset Management, on behalf of its managed funds, (Macquarie Asset Management) today announced that, alongside its coinvestors, it has entered into binding agreements with Australia Tower Network (ATN), owned by AustralianSuper and Singtel, for the sale of 100% of Axicom for $A3,580m.
Axicom is Australia’s largest independent mobile towers owner, operating approximately 2,000 telecommunication sites in metro and outer-metro locations across all eight states and territories, and major cities across Australia.
Frank Kwok, Head of Asia-Pacific, Real Assets, Macquarie Asset Management said: “We’ve been pleased with the level of interest shown in Axicom, which reflects the quality of the business, the maturity of its towers portfolio, and the long-term nature of its contracts. We are proud to have supported its growth over the past seven years and strongly believe the agreement reached represents an excellent outcome for shareholders and the future prospects of the Axicom business.
“In acquiring Axicom, ATN demonstrated extensive sector expertise and the compatibility of its existing portfolio with Axicom’s, which will provide a strong springboard for future growth.”
Macquarie Asset Management invested in Axicom (then Crown Castle Australia) in 2015, alongside its coinvestors, and since that time has supported the business in transitioning to Australia’s leading independent tower company, extending customer contracts, de-risking ground tenure through a 100% increase in weighted average lease length, reorientating its strategy to focus on customer experience through a digital transformation, and increasing the focus on ESG, achieving a top quartile GRESB score and releasing its first Sustainability Strategy in 2021.
Macquarie Asset Management has significant experience investing in telecommunications infrastructure around the world. Each year, businesses in which it manages investments reach more than ~115 million people through communications infrastructure.