Australian towerco Axicom acquired by ATN for USD2.68bn

1 Apr 2022

Australia Tower Network (ATN) – owned by superannuation/pension fund AustralianSuper and Singtel Group – has agreed to acquire Axicom, one of Australia’s leading providers of telecommunications tower infrastructure, for AUD3.58 billion (USD2.68 billion). Axicom owns and operates approximately 2,000 tower sites located in metro and outer-metro locations across all eight states and territories and major cities in Australia. ATN also has over 2,000 sites, while the group says that 565 new sites are under construction.

AustralianSuper’s Head of Infrastructure Nik Kemp, said: ‘Axicom is complementary to our existing digital infrastructure portfolio and this acquisition will result in the creation of a provider with a truly national footprint that will connect the vast majority of Australian families and businesses.’ Singtel Group Chief Corporate Officer Lim Cheng Cheng added: ‘This acquisition is a unique opportunity to scale up ATN’s operations and expand its customer base. It also reinforces Singtel’s commitment as a long-term investor in the Australian telecoms space where our goal has always been to provide more options and build better communications for Australian consumers and businesses.’

AustralianSuper acquired a 70% stake in ATN from Singtel in November last year. Following the Axicom acquisition, Singtel’s shareholding in the combined ATN/Axicom business will be 18%, with AustralianSuper owning 82%.

Australia, Singtel Group