MANILA: Shareholders of PhilTower are considering selling the company, one of the biggest telecommunications tower firms in the Philippines, and seeking a valuation of at least US$1bil, according to sources.
Macquarie Capital, Manila Electric Co or Meralco, and Stonepeak Partners are working with financial advisers and have reached out to potential buyers including other funds and industry players to gauge interest, the sources said.
While a sale process could start as soon as this month, discussions are ongoing and there’s no guarantee of a transaction at this stage, the sources said.
The development marks a shift from last year, when Bloomberg News reported that Macquarie was considering selling its stake of about 45%.
Now all of the company could be up for sale.
A Stonepeak representative declined to comment.
Representatives for Macquarie and Meralco subsidiary Miescor didn’t respond to requests for comment.
PhilTower Consortium Inc combined with Miescor Infrastructure Development Corp in September 2024 to create one of the largest independent telecom tower companies in the Philippines, with over 3,300 operational towers and more than 2,100 committed orders, according to a press release at the time.
In addition to the Philippines, PhilTower has a presence in Indonesia, Malaysia and Myanmar, according to its website. — Bloomberg
