Phil-Tower Consortium Inc (PhilTower) and Miescor Infrastructure Development Corp., (MIDC) announced Wednesday their plan to form and invest in a joint venture company (JVCo) aimed at meeting the growing demand for 4G and 5G mobile network infrastructure.
MIDC is a joint venture between Miescor Infrastructure Development Corp., a subsidiary of Manila Electric Co. (Meralco), and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with about $61.1 billion of assets under management as of September 2023.
Meralco said in a disclosure to the stock exchange that the JVCo would provide improved coverage for its mobile network operator clients and continue to drive investment in digital infrastructure in the Philippines.
“PhilTower and MIDC are both fast growing independent tower companies in the Philippines and this combination would enable them to maximize their complementary geographic footprints to provide better connectivity for their customers,” Meralco said.
PhilTower operates over 1,250 towers in Luzon, Visayas and Mindanao, while MIDC operates over 1,250 towers primarily in Luzon.
PhilTower is a joint investment between Macquarie Capital and Pan-Asian digital shared infrastructure group Global Network Inc.
“The JVCo will have Philippine-wide coverage and is well placed to support the growing connectivity needs of the country,” Meralco said.
The announcement follows a year of significant growth in the Philippine information and communications technology sector, with investment approvals exceeding $1.7 billion (P96.16 billion).
The transaction is subject to regulatory review by the Philippines Securities and Exchange Commission and the Philippine Competition Commission.
