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Clifford Chance advises lenders on financing of Morrison & Co's A$2.8 billion investment in Telstra's InfraCo Towers business

27 September 2021

Clifford Chance advises lenders on financing of Morrison & Co's A$2.8 billion investment in Telstra's InfraCo Towers business

Clifford Chance has advised the lenders to a consortium led by Morrison & Co on the acquisition financing of a 49% stake in Telstra's InfraCo Towers business.

The consortium, which comprises Future Fund, Commonwealth Superannuation Corporation and Sunsuper, obtained financing commitments from Barclays, Commonwealth Bank of Australia and National Australia Bank to support its successful bid for the minority stake in the business.

Telstra's InfraCo Towers business, which has been rebranded to Amplitel, owns over 8,000 communications towers across Australia. Telstra will use the proceeds from the investment – which values the business at A$5.9 billion in total – for investment in mobile connectivity in regional Australia, in addition to returning proceeds to Telstra's shareholders.

The Clifford Chance team advising the lenders was led by Australian Managing Partner Richard Gordon, together with partners Chad Bochan and Nadia Kalic. They were supported by senior associates Victor Greenstreet and Dean Bao, associate Madeleine Burrill and graduates Molly Tredinnick and Max Beavis.

Richard commented "We were delighted to support the lenders to the Morrison & Co consortium on this high-profile transaction, which represents one of the largest infrastructure transactions in Australia in recent years. The deal demonstrates Clifford Chance's leading position in the project and infrastructure space. We congratulate the parties on reaching a successful close of the transaction".