Singtel’s ATN pays a high price for Australian towers

Australian Tower Network has agreed to acquire Axicom and its 2,000 telco towers for A$3.58 billion, over a billion dollars more than its own business was apparently worth just six months ago.
Singtel, which currently holds a 30% stake in ATN but will control a smaller share of the merged entity, announced the deal. However, it’s pretty clear that the driving force behind the acquisition is its partner, superannuation fund AustralianSuper, which picked up the other 70% of ATN from Singtel