Firm advises on $2bn telco acquisition

The biggest independent telco tower operator has been acquired in Australia’s second largest telco infrastructure deal.

Firm advises on $2bn telco acquisition
Herbert Smith Freehills has advised on the acquisition of Crown Castle Australia Limited.
A Macquarie Infrastructure and Real assets led consortium has acquired Crown Castle from its US-based parent and majority shareholder, Crown International, and from Todd Corporation in New Zealand. 
Crown Castle, the largest independent telecommunications tower operator in Australia, owns and operates around 1800 sites nationwide, leasing them to major telecommunications companies including Telstra and Optus.
Partner Joel Rennie led the Herbert Smith Freehills team, advising a syndicated of local and international banks providing debt package to the consortium’s acquisition group to partially fund the purchase price for the acquisition.
“This was a great win for the sponsors on what was a highly competitive bid process,” said Rennie.  “Achieving completion and financial close in a short period of time following execution of the sale and purchase agreement really demonstrated how well coordinated the bid was a whole.”
The $2bn acquisition marks the largest telecommunications infrastructure deal since Telstra leased pits, pipes and copper lines to build the national broadband network in a deal worth over $11bn.
Norton Rose Fulbright also acted, advising the consortium on the transaction.

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

HSF pumps up global financial services regulatory team with new partner

DLA Piper supports nickel pig iron producer on $231m equity raising effort

US Supreme Court rejects government request that keeps inmates at high risk for COVID-19

Clayton Utz senior associate applauds greater focus on diversity and inclusion

Ashurst helps challenger bank gain unicorn status on $230m capital raising

UK lord chief justice pitches use of temporary venues for court proceedings

Most Read Articles

Cosmetics giant makes first foray into Australia with Hall & Wilcox’s assistance

KWM's chief executive partner for Australia extends run into second term

Clayton Utz senior associate applauds greater focus on diversity and inclusion

COVID-19 and Australian courts and legal bodies updates: 25 May