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Axicom’s multibillion-dollar sale wraps up

Gilbert + Tobin has advised Macquarie Asset Management and its co-investors on the multibillion-dollar sale of Axicom to Australia Tower Network.

user iconEmma Musgrave 26 May 2022 Big Law
Axicom’s multibillion-dollar sale wraps up
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Firms: Gilbert + Tobin (Macquarie Asset Management); Undisclosed (Axicom); Undisclosed (Australia Tower Network)

Deal: Axicom has been sold to Australia Tower Network.

Value: $3.58 billion


Area: M&A, corporate advisory

Key players: The Gilbert + Tobin team was led by corporate advisory partners Costas Condoleon and Karen Evans-Cullen, with support from lawyers Wes Bainbridge and Andrea Bennett.

Deal significance: Australia Tower Network is owned by AustralianSuper and Singtel.

According to a statement from Gilbert + Tobin, Axicom was Australia’s largest independent mobile towers owner, operating approximately 2,000 telecommunication sites in metro and outer-metro locations across all eight states and territories, and major cities across Australia.

“We continue to see elevated demand for infrastructure assets and quality businesses like Axicom,” Gilbert + Tobin co-lead partner Costas Condoleon said.

“We are delighted to have been able to support Macquarie Asset Management and its co-investors achieve this excellent outcome.”

Co-lead partner Karen Evans-Cullen added: “We wish Australian Tower Network well on this milestone transaction, which follows a series of recent tower transactions.”