Macquarie Capital is exploring the sale of its stake in one of the Philippines’ largest towercos, according to sources familiar with the matter. Since the introduction of The Philippines Common Tower Policy in 2020 Phil Tower has grown through sale and leasebacks, build-to-suit and a merger earlier this year.
Phil Tower now owns over 3,300 towers, combined with the newly integrated MIDC and has a committed pipeline of a further 2,100 build-to-suit towers. Macquarie Capital holds approximately 45% of the combined company, which could value the entity company at US$700mn to US$800mn, as reported in Bloomberg.
A period of consolidation in tower ownership in The Philippines is the next step following the explosion of new towercos following the introduction of its Common Tower Policy.
Other infrastructure-focused investors and industry players have expressed initial interest in acquiring the stake, although Macquarie could still decide to retain its holding, the sources added. While a new outside investor may buy-in to the towerco, an existing consolidator in The Philippines market may sweep up Macquarie's investment into a further round of consolidation.
Estimated Tower Ownership in the Philippines, Q3 2024
