Macquarie Asset Management said that on behalf of its managed funds alongside its co-investors, has agreed to sell 100% of Axicom to Australia Tower Network (ATN) from AustralianSuper and Singtel for AUD 3.58 billion ($2.68 billion).

Axicom is an Australian mobile towers owner that operates nearly 2,000 telecommunication sites in metro as well as outer-metro locations in all eight states and territories, and major cities in Australia.

Frank Kwok — Macquarie Asset Management Head of Asia-Pacific, Real Assets, said: “We’ve been pleased with the level of interest shown in Axicom, which reflects the quality of the business, the maturity of its towers portfolio, and the long-term nature of its contracts.

“We are proud to have supported its growth over the past seven years and strongly believe the agreement reached represents an excellent outcome for shareholders and the future prospects of the Axicom business.

“In acquiring Axicom, ATN demonstrated extensive sector expertise and the compatibility of its existing portfolio with Axicom’s, which will provide a strong springboard for future growth.”

In 2015, Axicom (then Crown Castle Australia) secured investment from Macquarie Asset Management alongside its co-investors.

  Australia, Australia Tower Network, AustralianSuper, Axicom, Frank Kwok, Macquarie Asset Management, Singtel