The Irish Infrastructure Fund has acquired Ireland’s largest wireless telecoms infrastructure company, Towercom, from a consortium of investors including clients of local stockbroking firm Goodbody.
While the financial details of the deal were not…
The Irish Infrastructure Fund has acquired Ireland’s largest wireless telecoms infrastructure company, Towercom, from a consortium of investors including clients of local stockbroking firm Goodbody.
While the financial details of the deal were not disclosed, earlier reports said the €1bn fund, created by Irish Life Investment Managers and run by Sydney-based AMP Capital Investors, would pay €120m (US$160m).
Towercom controls more than 400 masts in Ireland and counts all major local telcos as customers.
AMP Capital managing director Boe Pahari described Towercom as “a key infrastructure asset for the telecoms sector in Ireland”, adding that the acquisition is in line with the fund’s focus on assets which underpin the Irish economy. The deal provides a platform for the fund to consider further investments in the telecoms sector, he added.
Irish Life Investment Managers managing director Gerry Keenan termed the deal an “attractive investment opportunity” for the fund, enhancing its exposure to high-quality Irish infrastructure assets.
Towercom went up for sale after banks led by Allied Irish Banks declined to give it another extension on loans, Bloomberg cited sources as saying. The company bought its towers from incumbent telco Eircom in 2007 for €155m.
