MIESCOR Infrastructure Development Corp. (MIDC) and Phil-Tower Consortium Inc. (PhilTower) have completed a transaction that forms one of the largest independent tower companies in the Philippines.

The new entity is owned by a consortium of reputable global and local investors that includes MIDC’s existing joint venture partners, Meralco Industrial Engineering Services Corp. (MIESCOR), a unit of Manila Electric Co., and Stonepeak, in addition to Macquarie Capital, and Global Network Inc.

The partnership of MIDC and PhilTower will significantly accelerate the rollout of wireless technologies for mobile network operators, including Globe Telecom Inc., Smart Communications Inc. and DITO Telecommunity Corp.

“The partnership of MIDC and PhilTower represents a significant step forward in enhancing the country’s telecommunications tower infrastructure. By combining the strengths of the two organizations, we are creating a new standard for infrastructure efficiency and service excellence, bringing us closer to achieving nationwide connectivity,” said Richard Ochava, MIESCOR president and chief executive officer.

MIESCOR, through its telecommunications business unit, is providing full turnkey and semi turnkey build and maintenance services to telecom industry operators.

These services include telecom tower site construction and maintenance, build and maintenance of wired and wireless telecom systems, and end customer services and solutions.