The deal bolsters OMERS Infrastructure's position as Australia's third largest telecom tower owner
Corrs Chambers Westgarth has advised Canadian asset manager OMERS Infrastructure on its acquisition of Sydney-based mobile tower developer Stilmark.
According to the firm, the transaction will add to OMERS’ growing portfolio of assets across the Asia-Pacific region and bolster the company’s position as Australia’s third largest telecommunication tower owner.
The deal is expected to be completed in Q3 2022, subject to customary regulatory approvals. This acquisition will be OMERS’ second tower investment in Australia within a two-month period; in May, the company signed an agreement to purchase 1,237 mobile tower and rooftop sites in Australia from TPG Telecom for $950m.
OMERS Asia-Pacific senior managing director Christopher Curtain said that the Stilmark deal complements its investment in TPG Telecom.
“We have developed a strong relationship with and respect for the Stilmark management team and their capabilities.” Curtain said. “The strong focus on delivering innovative and market leading solutions for mobile network operators continues to be a key part of our interest in the company.”
Partners James North, James Morley and Robert Clarke led Corrs’ TMT team on the transaction. Other lawyers who pitched in were partners Paul Burns, Jodi Gray, Michael Leong, Rhys Lloyd-Morgan and Simon Reid.
Several experts from across the firm’s corporate, financial sponsors, employment, property, environment, banking and finance, and competition practice groups also assisted in finalising the deal.