Australian firm signs deal to invest in PH cell tower builder
INQUIRER File photo: Cellular Tower
MANILA, Philippines—Australian financial conglomerate Macquarie has signed a deal to invest in Phil-Tower Consortium Inc. (PhilTower), one of the country’s fastest-growing independent cellular tower companies with about 1,000 sites under development.
The investment was made through Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group. The amount of investment and the percentage of interest have yet to be disclosed.
PhilTower is a shared digital infrastructure provider, enabling mobile network operators to rapidly and cost effectively expand their network coverage and meet growing demands for 4G and 5G services.
“We are excited to work with PhilTower’s highly-experienced management team and look forward to supporting PhilTower as it responds to the growing infrastructure and connectivity needs of the Philippines,” Ivan Varughese, senior managing director at Macquarie Capital, said in a press statement on Monday (Dec. 1)
Devid Gubiani, president of PhilTower, said: “With Macquarie Capital’s investment, we will increase the momentum of our aggressive rollout as well as expand geographically.”
Article continues after this advertisement“We are very bullish on the growth potential of the shared infrastructure industry and we continue to support the DICT’s vision for a connected Philippines.”
