(Bloomberg) — Australian phone company TPG Telecom Ltd. agreed to sell mobile-phone towers and rooftop infrastructure to Omers Infrastructure Management Inc. in a deal valued at A$950 million ($670 million) including debt.
The sale will generate net cash proceeds of about A$890 million, which will be used to repay debt, TPG said Monday.
The 1,237 sites being sold include 428 towers and 809 rooftops, representing about 21% of TPG’s total mobile-network footprint, it said. The rest is already owned and operated by other tower companies.
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