Law firm Middletons has advised Tower Bersama Infrastructure in its US $519 million acquisition of Indosat tower assets.
Indonesia's second largest mobile phone provider, PT Indosat sold 2500 transreceiver towers to PT Tower Bersama Infrastructure in the deal.
Skadden, Arps, Slate, Meagher & Floms Singapore and Hong Kong offices advised the seller, while Norton Rose Singapore acted for the purchaser's financiers.
Middletons worked in co-operation with Iffla Wade in successfully signing an agreement with
Indosat for the purchase, for upfront amount of US$406 million made up of cash and shares and a maximum potential earn-out amount of US$113 million.
TBIG provides telecommunication infrastructure services to Indonesian wireless carriers, develops and operates telecommunication supporting infrastructure including tower and in-building systems across Indonesia and leases space under long-term agreements with telecommunications operators. The company also provides operators with access to its distributed antenna system networks in shopping malls and office buildings.
Indosat is Indonesia and the country's second largest mobile phone provider.