Common telco tower Phil-Tower Consortium Inc. (PhilTower) has attracted an unspecified amount of investment from global investment giant Macquarie Group.
The investment, an equity infusion, was done through the Macquarie Group’s advisory, capital markets and principal investment arm Macquarie Capital.
PhilTower did not disclose the investment but said it is “substantial to roll out 1,000 sites.”
“Through PhilTower, Macquarie Capital aims to facilitate the development of telecommunication infrastructure in the Philippines to enhance connectivity and mobility for local mobile users,” said Ivan Varughese, Macquarie Capital senior managing director.
“With Macquarie Capital’s investment, we will increase the momentum of our aggressive roll out as well as expand geographically. We are very bullish on the growth potential of the shared infrastructure industry and we continue to support the DICT’s vision for a connected Philippines,” said Devid Gubiani, PhilTower president.
PhilTower is looking to put up 2,000 sites across the country for the mobile operators’ use.
In May, PhilTower announced securing almost 800 permits to built some of these towers.
“As the country gears for significant progress in internet speed and reach, PhilTower will continue to be a key player in ensuring that businesses and individuals will have access to the latest technologies that will bridge the digital divide. We are committed to implementing the best practices in our roll-out, gained from our mutual experiences in operating shared infrastructure businesses across the world,” Gubiani said.
Redpeak Advisers acted as GNI/PhilTower’s exclusive financial adviser for the transaction.
