Omers Infrastructure moves on second Australian towerco
Omers Infrastructure has entered into an agreement to acquire Australian towerco Stilmark, a little over a month since confirming it will acquire TPG's tower assets for A$950 million.
That deal, first reported in May, will see TPG enter into a 20-year leaseback contract with Omers, with options to extend. TPG has also committed to building additional towers on top of the 1,237 included in the sale, to further expand the network over the coming years.
However, details of the Stilmark deal have not yet been disclosed.
What is know is that Stilmark has more than 70 towers, with more planned. The business is nine years old and also offers network automation, network engineering and financing solutions. It has also delivered numerous development and build projects for TPG and Optus, and has grown a national portfolio and pipeline of towers, with all sites secured under long-term revenue agreements.
Stilmark is currently owned by its founders, management team, family offices and US-based ATN International.
Its Chairman, Graham Bradley, said: “We are delighted that our business will be joining the OMERS Infrastructure portfolio in Australia and are excited about the opportunities this creates for our team to continue our innovation leadership in the tower market.”
Omers' digital assets also include Deutsche Glasfaser, which the Canadian pension fund investor acquired with EQT in 2020.
Once the Stilmark and TPG tower asset transactions close, the consolidated towers business will be part of Omers Infrastructure’s growing portfolio of assets in Australia, alongside Port of Melbourne, Transgrid and renewable energy firm FRV Australia.