Australia-based TPG Telecom forged a deal to sell mobile tower and rooftop assets to Omers Infrastructure Management for AUD950 million ($664.9 million), the last of the country’s mobile players to make a move to offload additional passive infrastructure.

The deal covers 428 towers and 809 rooftop sites, and includes a master service agreement with a 20-year term. TPG Telecom has the option to extend.

The operator noted the assets comprise about 21 per cent of its total mobile network footprint: the remainder is already owned and operated by other tower companies.

TPG Telecom CEO and MD Inaki Berroeta stated the “transaction represents competitive long-term financing, which will reduce our total financial leverage and deliver lower borrowing costs”.

The transition is subject to standard regulatory approvals and is expected to close in the third quarter of fiscal 2022 (ending 31 December).

In February, TPG Telecom reached a deal with market leader Telstra to share mobile infrastructure for a decade.

Telstra previously agreed to sell 49 per cent of its infrastructure business InfraCo, which manages more than 8,000 towers and was later rebranded Amplitel to an Australian consortium for AUD2.8 billion.

In late 2021, Optus parent Singtel concluded an agreement a to sell a 70 per cent stake in Australia Tower Network for AUD1.9 billion to investment fund AustralianSuper.