Macquarie Mexican Infrastructure Fund (MMIF), comprising Macquarie Mexican Infrastructure Trust I and II (MMIT I and MMIT II), has completed its follow-on investment in Mexico Tower Partners (MTP).
MMIF made the additional investment in order to part fund MTP's acquisition of a significant portfolio of wireless and broadcast telecommunication sites in Mexico and fund future organic growth. MTP closed the acquisition on April 29, 2015.
After the new investment is fully funded, MMIF has invested a total of approximately Ps.1,300 million (US$83.7 million) in MTP.
MTP is a 50/50 joint venture between MMIF and Digital Bridge, a leading global communications infrastructure platform. MTP was established in May 2014 after MMIF and Digital Bridge merged their existing telecommunications tower portfolios in Mexico. MTP manages approximately 1,200 towers as of April 29, 2015, and is one of the largest telecommunication tower operators in Mexico.
Scotiabank was the agent and bookrunner for the debt financing of the acquisition.
In early April, Jonathan Davis Arzac, Chairman, MMIF, commented:
"We continue to believe the wireless tower industry in Mexico presents attractive opportunities for independent operators such as MTP and are pleased to announce this additional investment. The portfolio that MTP will acquire is an excellent asset as there are few independent portfolios of this size in Mexico. This acquisition will also serve to further diversify MTP's customer base."