Indonesia-based Bersama Digital Infrastructure and investment firm Opti-Teknology Philippines have jointly acquired a majority share in Alliance Towers Corporation for an undisclosed fee.
Deal Street Asia reported, that the companies bought a 51% stake in Alliance Towers, with Opti-Teknology holding 49% of the tower company once the deal is finalised in September.
Alliance Towers was founded by Opti-Teknology’s equity owners. Recently it cut back on an initial target to construct 500 towers to 200 a year and built 40 during the height of the Covid-19 health crisis, for the Philippines’ three main operators Dito Telecommunity, Smart Communications and Globe Telecom.
The Philippines government relaxed laws to allow full foreign ownership of critical industries to spur the growth of sectors such as telecommunications.