A consortium led by Macquarie Infrastructure and Real Assets (MIRA) has entered into an agreement to acquire the Australian wireless communications infrastructure business, Crown Castle Australia Holdings Pty Ltd (CCA).
The consortium is composed by MIRA, one of its managed funds, Unisuper and the UBS International Infrastructure Fund II.
CCA, which is majority owned by US-based Crown Castle International, is Australia's largest independent owner of mobile communications infrastructure with approximately 1,700 wireless communications towers nationally. CCA's largest customers are the country's three major mobile network operators and its towers provide communications infrastructure for the vast majority of mobile device users in Australia.
The transaction is subject to certain closing conditions. The terms of the transaction remain confidential however it will be funded by equity investment by the consortium and third-party debt finance.
Co-Head of MIRA Asia-Pacific, Frank Kwok said:
"The CCA business has the qualities that infrastructure investors around the world seek: stable revenues backed by long-term customer contracts, predictable cashflows, strong operating margins and growing customer demand."
"Each of the consortium members has a track record of responsible ownership of infrastructure assets, and will bring its significant expertise in the ownership and operation of communication infrastructure assets globally to the business."
John Pearce, UniSuper's Chief Investment Officer, added:
"UniSuper has been very selective with regard to investment in infrastructure and CCA presents an excellent diversification within our current portfolio, while maintaining our commitment to quality. There is little doubt that demand for wireless communication is only going to grow so we are excited to be directly involved in the trend."
Paul Moy, Global Head of Infrastructure & Private Equity at UBS Global Asset Management added:
"CCA's management and staff have built a business with a track record of delivering quality service to its customers. We look forward to working with the CCA team as they continue to invest in the strong partnership the business has with its customers."