MIESCOR Infrastructure Development Corp., a venture between Meralco and global fund Stonepeak, announced the formation of a new venture with PhilTower.
The new entity is backed by a consortium of global and local investors, including MIESCOR, Stonepeak, Macquarie Capital, and Global Network Inc.
This partnership aims to accelerate the deployment of wireless technologies and strengthen network infrastructure for major telecom providers like Globe, Smart, and DITO.
Big picture
The Philippines’ telecom sector is shifting to a tower-sharing model, where telecom companies sell their tower assets to third-party operators, which lease the assets to one or more telcos.
This helps telecommunications firms reduce costs, while new capital accelerates network expansion to improve overall service quality.
Management’s view
“The partnership of MIDC and PhilTower represents a significant step forward in enhancing the country’s telecommunications tower infrastructure,” said Richard Ochava, MIESCOR president and CEO.
“By combining the strengths of the two organizations, we are creating a new standard for infrastructure efficiency and service excellence, bringing us closer to achieving nationwide connectivity,” he added.
Stonepeak expands in Southeast Asia
“The joining of MIDC and PhilTower will allow for the more effective delivery of critical digital infrastructure through its combined footprint, helping to bridge the digital divide in the Philippines,” said Darren Keogh, senior managing director at Stonepeak.
“This is an exciting milestone for both MIDC and PhilTower, especially given the support and demand the Philippines’ mobile tower industry is realizing,” he added.
