Phil-Tower Consortium Inc. (PhilTower) and Miescor Infrastructure Development Corp. (MIDC) are teaming up to form a joint venture company that aims to provide enhanced coverage for mobile network operators.
According to a disclosure to the stock exchange, the two groups are forming a joint venture company that will leverage their complementary geographic footprints, which now house telco equipment for both 4G and 5G.
“The joint venture company will have Philippine-wide coverage and is well placed to support the growing connectivity needs of the country. The announcement follows a year of significant growth in the Philippine information and communications technology sector, with investment approvals exceeding $1.7 billion (P96.16 billion),” the disclosure by Manila Electric Co. (Meralco) read. Currently, PhilTower manages over 1,250 towers across Luzon, Visayas, and Mindanao, while MIDC operates a similar number, primarily concentrated in Luzon.
Based on the disclosure, the transaction is still subject to regulatory review by the Philippines Securities and Exchange Commission and the Philippine Competition Commission.
MIDC, registered with the Department of Information and Communications Technology, specializes in tower construction, site acquisition, permitting, erection of towers, and tower management services for telecommunications companies.
The company is a joint venture between Miescor, a subsidiary of Meralco, and Stonepeak, a leading alternative investment firm with approximately $61.1 billion in assets under management as of September 2023.