iSON Tower Ltd. Inc. yesterday secured the financing from private equity firm Peppertree Capital Management Inc. for its tower development in the Philippines.
In a statement, iSON Tower said the transaction comes at a time when there is strong demand for connectivity in the Asean region.
With mobile data traffic rapidly surging and operators looking to ramp up 5G rollouts across the country, Filipinos still expect faster speeds and enhanced coverage that require reducing the gap in terms of the actual tower assets deployed, the company said.
iSON Tower seeks to expand next-generation connectivity solutions and bridge the digital divide in the nation.
“Asia, and more so Philippines, undoubtedly continues to be a high growth market. With a market potential of 50,000 tower assets in the coming years, the Philippines’ telecom sector has a promising future and is currently a focal point for us,” said Vivek Gupta, iSON Tower founder and chairman.
“We are delighted to join hands with a fund of Peppertree’s caliber and look forward to bring to bear our collective strength and experience to establish world-class operations in the country, enable connectivity for Filipino communities and accelerate our growth in the region,” Gupta added.
Rajiv Jaitly, iSON Tower Group chief executive officer, said increasing the pace of rollouts of digital infrastructure has been underscored by the pandemic. – Myla Iglesias
