Australian Tower Network (ATN), the former Singtel/Optus company, is buying Axicom for Aus$3.58 billion (€2.43bn). ATN, now co-owned by SingTel and Australian pension fund AustralianSuper, will see its stake in Axicom expand to 81 per cent.

Axicom is currently majority owned by Macquarie Asset Management and runs some 2,000 tower sites located in and around Australia’s main cities. The deal will see ATN dilute Singapore Telecommunications remaining ownership in ATN from 30 per cent to 18 per cent with the balance held by AustralianSuper.

Axicom is the largest independent mobile phone tower business in Australia.

“This acquisition is a unique opportunity to scale up ATN’s operations and expand its customer base,” Singtel Group Chief Corporate Officer, Lim Cheng Cheng said. “It also reinforces Singtel’s commitment as a long-term investor in the Australian telecoms space,” Cheng added.

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Tags: australia, axicom, optus, singtel