Singapore Telecommunications (Singtel) has announced on Oct 1 the sale of a 70% stake in Australia Tower Network (ATN), a wholly-owned subsidiary of Optus. The deal is expected to raise net cash proceeds of A$1.9 billion ($1.86 billion).

ATN operates Optus’ passive telecommunications tower infrastructure. The 70% stake in the company will be sold to AustralianSuper, Australia’s largest superannuation fund. Singtel will continue to hold a 30% stake in ATN.

Under the terms of the deal, Optus will have continued access to the towers through a long-term lease agreement with ATN. Optus will be the anchor tenant on 565 new build-to-suit towers to be built over the next three years which will form an integral part of its 5G network. 

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