AustralianSuper to acquire a 70% stake in Australian Tower Network from Singtel for $1.37bn.

AustralianSuper, an Australian superannuation and pension fund, agreed to acquire a 70% stake in Australian Tower Network from Singtel, an Asian communications group, for $1.37bn. "We are pleased that the value of Optus’ towers has been duly recognised, reflecting the high quality of our assets and positive outlook for telco infrastructure. The value of the transaction, the calibre of our partner and the access arrangements under the terms of the agreement will protect Optus’ strategic advantage and preserve its network leadership as it accelerates its 5G rollout across Australia. This transaction also supports our larger infrastructure strategy to unlock value through an asset-right approach which will free up capital to reallocate and reinvest in key growth areas," Yuen Kuan Moon, Singtel CEO.