Australian Government Future Fund, Sunsuper Pty Ltd and Commonwealth Superannuation Corporation entered into an agreement to acquire 49% stake in InfraCo Towers from Telstra Corporation Limited for AUD 2.8 billion.

Australian Government Future Fund, Sunsuper Pty Ltd and Commonwealth Superannuation Corporation entered into an agreement to acquire 49% stake in InfraCo Towers from Telstra Corporation Limited (ASX:TLS) for AUD 2.8 billion on June 30, 2021. The consortium of investors will be managed by Morrison & Co. InfraCo Towers will operate under a Board, chaired by InfraCo CEO, Brendon Riley and comprising other Telstra and consortium representatives.

The Chief Executive Officer will be Jon Lipton, currently head of the towers business within Telstra. Telstra Corporation Limited would retain the remaining 51% stake. Telstra intends to return approximately 50 per cent of net proceeds to shareholders in FY22.

The transaction is expected to complete in third quarter of 2021. Macquarie Australia Capital Limited acted as financial advisor to Telstra Corporation Limited.