Frontier Tower Associates has joined the consolidation party in The Philippines by signing a deal to acquire CREI's Philippine towerco. It was widely anticipated that following the MIDC-PhilTower merger other investors would look to exit the crowded Filipino tower market and CREI are the next to leave the market.
TowerXchange's last site estimate for CREI was for 415 towers. In its announcement Frontier Tower Associates reported the sites it was acquiring had a tenancy ratio of 1.25x. In September 2024, Frontier Tower Associates reported it had passed at 1.1x on its existing portfolio so this addition will push that higher.
CREI is not exiting The Philipinnes, and will keep investing in the Philippines through its ESCO activities as well as its affiliated EPC and O&M services in the country.
Closing of the transaction will be subject to customary closing conditions including approval from the Philippine Competition Commission (PCC), but is expected to be completed in the first quarter of 2025.
The transaction ensures a seamless transition with a trusted market leader known for high-quality operations, maintaining continuity and service standards. Index Partners and Global Gate Capital acted as financial advisors, and Jones Day, King and Spalding and MVGS acted as legal counsels to CREI. Latham& Watkins and Sycip acted as legal counsels to Frontier.
