Telstra sells towers stake to Future Fund for $2.8b
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Telstra has sold half of its mobile infrastructure business InfraCo Towers to a consortium of investors that includes the Future Fund, SunSuper and the Commonwealth Superannuation Corporation for $2.8 billion.
Completion of the transaction is expected before the end of September, well ahead of its previously announced schedule, and Telstra said in a statement to the ASX that it would return half of the sale proceeds to shareholders via a buy back and other methods within the next financial year.
It has entered a 15 year agreement with InfraCo Towers to secure ongoing access to its existing and new tower assets as well.