PhilTower and Miescor Infrastructure Development Corp (MIDC) completed a proposed merger after securing regulatory approval, creating one of the largest independent towers companies in the Philippines.

The new entity is owned by a consortium of global and local investors, including Macquarie Capital, Stonepeak, Manila Electric and Global Network. It manages a portfolio of more than 3,300 towers with a pipeline of 2,100 committed orders.

The deal was approved by the Philippines Securities and Exchange Commission and the Philippine Competition Commission, with all completion conditions finalised.

In a statement, Macquarie Capital noted the merged company is focused on improving coverage for its three main customers Globe Telecom, Smart Communications and Dito.

The tie-up was announced in February. At the time, the PhilTower managed around 1,250 towers in Luzon, Visayas and Mindanao in the Philippines, while MIDC operated a similar number primarily in Luzon.

Macquarie Capital, part of Australia-based Macquarie Group, has been a shareholder in PhilTower since 2021 and committed 100 per cent of the equity to support the tower company’s acquisition of up to 1,350 towers from Globe Telecom.

MIDC is a joint venture set in 2022 between Meralco Industrial Engineering Services Corp (Miescor) and Stonepeak.