TPG Telecom completes tower sale to OMERS

1 Aug 2022

Australia’s TPG Telecom has completed its previously announced sale of 100% of its passive mobile tower and rooftop infrastructure to OMERS Infrastructure Management for an enterprise value of AUD950 million (USD664 million). The sale of TPG’s ‘Tower Assets’ – agreed on 9 May and completed on 29 July – delivered net cash proceeds of approximately AUD890 million (the enterprise value less total transaction costs), which TPG will use to repay existing bank debt. The transaction includes a master services agreement with a 20-year term and an option for TPG to extend.