Singtel has agreed to provide a 70 per cent stake in a subsidiary that properties Optus’ telecommunications towers to AustralianSuper for $1.9 billion.

Bids for the stake in Australia Tower Network (ATN) shut previously this 7 days in an auction process that begun back in May well.

ATN has 2312 mobile network towers and rooftop web-sites. The rate for a 70 per cent stake in the firm values it at about $2.3 billion.

“Under the phrases of the deal, Optus will have continued accessibility to the web sites by means of a prolonged-term lease settlement with ATN,” the telco claimed in a statement.

Optus will also be the anchor tenant for 565 new internet sites to be constructed about the subsequent 3 decades, “forming an integral section of Optus’ 5G community.”

Optus CEO Kelly Bayer Rosmarin stated the transaction “unlocks major benefit for the organisation.”

“The sale of these belongings positions Optus properly for the future as it presents funds to help core business progress though importantly allowing us to maintain the aggressive gain of our network’s energetic things which proceed to top impartial experiences on velocity and good quality of our community,” she mentioned.

Singtel explained it expects net money proceeds right after transaction prices of approximately $1.9 billion.

Completion of the transaction is predicted by the finish of October, topic to selected conditions.

At the conclude of June, rival Telstra bought 49 per cent of its towers small business to a consortium of the Australian Government Long run Fund, Commonwealth Superannuation Company and Sunsuper for $2.8 billion.