Miescor Infrastructure Development Corporation (MIDC) merged with Phil-Tower Consortium (Phil-Tower) in a move to stay competitive against Frontier Tower Associates in the Philippines.
MIDC and Phil-Tower have a combined portfolio of 3,300 towers. In a statement, the companies said the merger positioned the joint-venture company to address the Philippines’ growing demand for 4G and 5G connectivity. The tower company will serve the country’s largest mobile operators including Globe Telecom, Smart Communications, and DITO Telecommunity.
MIDC is part owned by asset management firm Stonepeak and Meralco Industrial Engineering Services Corporation (MIESCOR). Stonepeak said in a statement MIDC will continued to be backed by a consortium of existing investors including Stonepeak, MIESCOR, Macquarie Capital, and Global Network Inc.
Stonepeak Senior managing Director, Darren Keogh, said the merger will enable “effective delivery for critical digital infrastructure” through their combined footprints.
Global Network Group CEO and Phil-Tower President, Devid Gubiani, will serve as the joint-venture company’s CEO. The executive said: “I am confident that the combination of MIDC and Phil-Tower’s unique strengths and competencies will further digitisation objectives in the Philippines as the country’s younger generation continues to drive exponential data consumption.”
Rival tower company Frontier Tower Associates recently closed its final tranche of towers from Globe Telecom taking full control of the operator’s 3,529 towers.