Super giant snaps up Optus telco towers

AUSTRALIANSUPER has won the bidding competition to buy the portfolio of telecommunication towers owned by Singtel’s Optus.

The country’s largest superannuation fund outlaid $1.9bn for a stake in the portfolio of about 70 per cent. That values the total portfolio at $2.3bn including debt.

The deal comes after a fiercely fought out competition of five short-listed bidders from an initial field of 30.

Singtel, backed by the Singapore government holding company Temasek, has been looking to sell down its Optus towers to help fund the rollout of its 5G network.

It is understood the portfolio, which included 2312 Australian telecom towers, generates about $100m of earnings before interest, tax, depreciation and amortisation a year. “This is an excellent outcome for all stakeholders,” Optus chief executive Kelly Bayer Rosmarin said.

“(We will) be able to use the sale proceeds to enable investment in accelerating rollout of our 5G network and other customer experience and growth initiatives.”