Canada’s OMERS Infrastructure, the investment arm of one of the country’s largest pension funds, is acquiring Sydney-based mobile tower developer Stilmark, its second digital infrastructure investment in Australia in as many months.
Established in 2013, Stilmark primarily develops mobile towers for local telecommunication companies, including TPG Telecom and Singtel Optus Pty.
The deal is expected to be completed in the third quarter, subject to regulatory approval, OMERS Infrastructure says in a statement on June 22, without disclosing any details, including the purchase price.
The move comes close on the heels of its acquisition of mobile tower assets from TPG Telecom for A$950 million (US$657.33 million) on May 9.
“Stilmark is an excellent fit for our new Australian digital infrastructure portfolio, as it complements our recent investment in TPG’s mobile tower and rooftop portfolio,” Christopher Curtain, senior managing director for Asia Pacific at OMERS Infrastructure, says in the statement.
RBC Capital Markets, Corrs Chambers Westgarth, PricewaterhouseCoopers, Grex Consulting, Alvarez & Marsal, Q Advisors LLC, Kain Lawyers and KPMG are the advisers on the deal.
OMERS Infrastructure is the investment arm of the Ontario Municipal Employees Retirement System, which had C$121 billion ($92.87 billion) of assets as of December 2021, including C$32 billion managed by the investment unit.