- As part of the transaction, MIDC and Globe executed a master lease agreement, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years
- Stonepeak has about $49.3 billion of assets under management
- MIDC is an independent tower company
Stonepeak has agreed to acquire 2,180 telecom towers and related passive infrastructure from Globe Telecom, Inc for about $472.2 million.
Also, through Miescor Infrastructure Development Corporation, Stonepeak is inking a joint venture between Meralco Industrial Engineering Services Corporation. Miescor is a subsidiary of Manila Electric Company, a private sector electric distribution utility company in the Philippines.
As part of the transaction, MIDC and Globe executed a master lease agreement, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years. In addition, Globe has commissioned MIDC to construct 750 additional build-to-suit towers over the next four years on which Globe will be the anchor tenant.
“We are delighted to partner with Miescor and the MIDC team on this exciting opportunity with Globe,” said Stonepeak Senior Managing Director and head of Asia and the Middle East, Hajir Naghdy, in a statement. “This transaction is a great fit for our Asia Infrastructure strategy, which targets investments across energy transition, transportation and logistics, and communications and digital infrastructure, and represents a significant milestone for our growing Asia Pacific business.”
Stonepeak has a sizable and growing presence in Asia Pacific with 44 professionals located across Singapore, Hong Kong, Taipei, Seoul, Tokyo, and Sydney. This transaction represents Stonepeak’s second digital infrastructure investment in the region and follows the 2020 establishment of Singapore-headquartered Digital Edge, a Asia Pacific data center platform.
Stonepeak has about $49.3 billion of assets under management. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney.
MIDC is an independent tower company registered with the Department of Information and Communications Technology that provides tower construction, site acquisition, site permitting and erection of towers, and tower management services to telecommunications companies.