Stonepeak-backed MIDC Completes Combination with PhilTower
16 September 2024 - 1:01AM
Business Wire
Transaction creates one of the largest
independent telecommunications towers companies in the
Philippines
Stonepeak, a leading alternative investment firm specializing in
infrastructure and real assets, today announced that Miescor
Infrastructure Development Corporation (MIDC), its joint venture
with Meralco Industrial Engineering Services Corporation (MIESCOR),
has completed its combination with Phil-Tower Consortium Inc
(PhilTower). The combined company (JVCo) will continue to be backed
by a consortium of MIDC and PhilTower’s existing investors
including Stonepeak, MIESCOR, Macquarie Capital, and Global Network
Inc.
This transaction creates one of the largest independent
telecommunications towers companies in the Philippines. Together,
MIDC and PhilTower are well positioned to address the region’s
growing demand for 4G and 5G mobile network connectivity. With a
portfolio of over 3,300 operational towers and continued investment
in the Philippines’ digital infrastructure, JVCo will provide
improved coverage for its mobile network operator clients including
Globe Telecom, Inc. (PSE: GLO), Smart Communications, Inc., and
DITO Telecommunity Corporation.
Darren Keogh, Senior Managing Director at Stonepeak, said, “The
joining of MIDC and PhilTower will allow for the more effective
delivery of critical digital infrastructure through its combined
footprint, helping to bridge the digital divide in the Philippines.
This is an exciting milestone for both MIDC and PhilTower,
especially given the support and demand the Philippines mobile
tower industry is realizing. We look forward to working with our
partners in the combined entity as it seeks to become a market
leader in digital infrastructure.”
Devid Gubiani, Chief Executive Officer of JVCo, said, “I am
confident that the combination of MIDC and PhilTower’s unique
strengths and competencies will further digitization objectives in
the Philippines as the country’s younger generation continues to
drive exponential data consumption. The MIDC team’s expertise and
portfolio are highly complementary to PhilTower’s, and together
with our partners we will have the ability to make a real
difference through the delivery of world-class telecoms
infrastructure and services to our customers.”
Ricky Steyn, Chief Operating Officer of JVCo, said, “This
combination unites two successful telecoms companies in a
transaction that will bring both enhanced, quality digital
infrastructure to Filipino consumers and meaningful value to MIDC
and PhilTower’s partners. I look forward to working closely with
Devid and the rest of the JVCo management team as we work to
successfully integrate MIDC and PhilTower and deliver on the
potential of the combined company.”
Stonepeak has an established presence in Asia Pacific with 52
professionals located across Singapore, Hong Kong, Taipei, Seoul,
Tokyo, and Sydney. The firm first announced the creation of MIDC as
a joint venture with MIESCOR in August 2022, and this latest
transaction is a continuation of Stonepeak’s digital infrastructure
investment strategy the region. In 2020 Stonepeak also established
Singapore-headquartered Digital Edge, a diversified Asia Pacific
data center platform that aims to transform digital infrastructure
in the region through building and operating state-of-the-art,
energy efficient data centers rich with connectivity options.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing
in infrastructure and real assets with approximately $71.2 billion
of assets under management. Through its investment in defensive,
hard-asset businesses globally, Stonepeak aims to create value for
its investors and portfolio companies, with a focus on downside
protection and strong risk-adjusted returns. Stonepeak, as sponsor
of private equity and credit investment vehicles, provides capital,
operational support, and committed partnership to grow investments
in its target sectors, which include communications, energy and
energy transition, transport and logistics, and real estate.
Stonepeak is headquartered in New York with offices in Hong Kong,
Houston, London, Singapore, and Sydney. For more information,
please visit www.stonepeak.com.
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Kate Beers / Maya Brounstein corporatecomms@stonepeak.com +1
(212) 907-5100