AustralianSuper nabs 70% stake in ATN with Allens’ help

The stake is valued at about $1.9bn, and is set to speed up the rollout of 5G in the country

AustralianSuper nabs 70% stake in ATN with Allens’ help
Wendy Rae

AustralianSuper has acquired a 70% stake in Australia Tower Network (ATN) with the help of a team from Allens.

The majority interest is valued at about $1.9bn, and is an investment in Optus Towers. The acquisition is set to speed up the rollout of 5G in Australia by Optus.

“Increased data usage and adoption of mobile services, and the rollout of 5G, are some of the drivers fuelling growth in this digital infrastructure asset class. The future looks bright with Optus' commitment as the anchor tenant for ATN's new build-to-suit program,” Allens TMT partner Phil O'Sullivan said.

Lead partner Wendy Rae added that the firm has observed “elevated levels of direct investment from Australian superannuation funds and a strong appetite for infrastructure assets.”

ATN will continue to partner with Singtel on running Optus’ passive telecommunications tower infrastructure.

“High-quality infrastructure assets, such as ATN, continue to be hotly contested. We are delighted to have been able to support AustralianSuper on this landmark direct investment in digital infrastructure,” Allens M&A partner Jessica Choong said.

Allens put together a team consisting of experts across different practice areas, including M&A, TMT, banking and finance and funds, super and wealth. The following lawyers advised on the transaction:

M&A

  • Wendy Rae – partner
  • Jessica Choong – partner
  • Vincent Pang – senior associate
  • Ari Bendet – senior associate
  • Mayuri Dharmakulasingam – associate
  • Kim Le – lawyer

TMT

  • Phil O'Sullivan – partner
  • William Coote – senior associate
  • Leah Wickman – senior associate
  • Maddison Ryan – associate
  • Catherine Gamble – associate
  • Lauren Holz – associate

Banking and finance

  • Michael Ryan – partner
  • Alex Tonkin – managing associate
  • Sarah Delaney – senior associate
  • Brooke Muggeridge – senior associate
  • Charlotte Brock – associate
  • Michael Zeng – lawyer

Funds, super and wealth

  • Geoff Sanders – partner
  • Philip Marquet – senior associate

Real estate

  • David McLeish – partner
  • Anne Paciocco – senior associate

Environment and planning

  • Naomi Bergman – partner
  • Philippa Lennon – associate

Employment

  • Simon Dewberry – partner
  • Tom Bleby – lawyer

Competition, consumer and regulatory

  • Jacqueline Downes – partner
  • Melissa Camp – lawyer

Tax

  • Joseph Power – partner
  • Jay Prasad – managing associate
  • George Bishop – associate

Allens also boosted its projects, real estate and development offering with the addition of construction and major projects specialist Kip Fitzsimon to the partnership. She focuses on the infrastructure, property and energy and resources sectors, and has provided project development advice on many major projects in the country.

“We are very excited to welcome Kip to the Allens team. She brings with her 14 years' experience and a comprehensive understanding of clients' needs across large and complex projects,” said Emma Warren, who leads the projects, real estate and development team. “'We also look forward to leveraging Kip's strong leadership and mentoring skills to continue developing our team, building fulfilling careers and offering value to clients.”

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