Macquarie Capital and its partners have combined the assets of PhilTower Consortium Inc (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) to form one of the largest independent telecommunications tower companies in the Philippines.

The new entity boasts over 3,300 operational towers and a pipeline of more than 2,100 committed orders, positioning it as a key player in the country’s expanding digital infrastructure sector.

Macquarie Capital says its involvement highlights its growing focus on the digital infrastructure and energy transition sectors across Asia.

The deal, which has received approval from the Philippines Securities and Exchange Commission and the Philippine Competition Commission, brings together a consortium of global and local investors.

Alongside Macquarie Capital, the group includes infrastructure-focused firm Stonepeak, Manila Electric Company (Meralco), and Global Network Inc. Macquarie Capital has been a key shareholder in PhilTower since 2021 and played a pivotal role in supporting the acquisition of up to 1,350 telecommunications towers from Globe Telecom.

“This combination marks a milestone in the country’s push toward enhanced digital services, aligning with government initiatives,” says Ivan Varughese, head of infrastructure and energy capital, Asia-Pacific, at Macquarie Capital.

Devid Gubiani, CEO of the new entity and former CEO of PhilTower, notes that the combined strengths of MIDC and PhilTower will significantly contribute to the Philippines' digital transformation.

The new entity is focused on improving coverage for its mobile network operator clients and driving further investment into digital infrastructure as well as new synergies with its three main customers and mobile network operators – Globe, Smart and Dito.

Meanwhile, Macquarie Group CEO Shemara Wikramanayake was named as the Australian Government’s business champion for the Philippines by Australian Prime Minister Anthony Albanese at the recent Asean-Australia Summit in Melbourne.

Earlier this month, she led a delegation of prominent institutional investors to the Philippines, representing A$1.7 trillion (US$1.14 trillion) of funds and assets under management, and companies with A$126 billion in market capitalization.