John Laing completes acquisition of Towercom
John Laing Group ("John Laing"), a leading international investor and active manager of core infrastructure assets, today announced that it has completed the acquisition of Towercom, Ireland’s leading independent telecommunications tower company, from Infrabridge, the infrastructure manager of the Irish Infrastructure Fund (IIF). The completion of the transaction follows regulatory approval from Ireland’s Competition & Consumer Protection Commission.
Towercom has a nationwide portfolio of 409 towers, with over half of the sites due to be upgraded or redeveloped over the next 10 years as part of an ongoing improvement programme. The company has a well-diversified customer base of major mobile network operators committed under long-term inflation-linked contracts.
John Laing agreed to acquire Towercom along with Valley Healthcare, Ireland’s largest primary care centre developer and operator, and Convention Centre Dublin (CCD), the country’s only purpose-built conference venue, in a transaction announced last December that represented the largest single investment in John Laing’s history. The completion of the Towercom acquisition also marks the conclusion of the broader transaction, as Valley Healthcare completed in March 2023 and the CCD in June 2023. Terms of the transaction were not disclosed.
Jamie Christmas, Acting Chief Executive Officer and Chief Financial Officer of John Laing, said: “Towercom, Ireland’s leading independent telecommunications tower business, enjoys a compelling strategic position as its network of sites forms the backbone of the country’s wireless digital infrastructure. As well as having a diversified customer base and long-term inflation-linked contracts, Towercom is set to benefit from the further rollout of 5G.”
Philip Doyle, Principal & Fund Manager, Infrabridge said: “The sale of Towercom completes the sale of three Irish Infrastructure Fund assets to John Laing in what we believe is the largest multi-asset transaction completed in Ireland in the past 12 months. The transaction delivers a significant realised return for our investors who have been part of the fund for over 10 years.”
Patrick Burke, CEO, Irish Life Investment Managers (ILIM) said: “The Irish Infrastructure Fund under the management of InfraBridge and ILIM has delivered on its mandate of strong realised returns for our investors while supporting infrastructure development in Ireland. Irish Life is pleased that Towercom will benefit from being part of a large global infrastructure group and wish them every success in the future.”