PJS Law and Latham & Watkins have advised on Frontier Tower Associates Philippines’ acquisition of 100% of the shares in telecoms contractor Transcend Towers Infrastructure from Transcend Infrastructure Holdings for an undisclosed amount.
Under the agreement, Transcend will transfer full ownership and control of its portfolio of cell towers to Frontier.
PJS Law acted as lender’s counsel to BDO Unibank in connection with the financing of Frontier’s acquisition.
Partners Elaine Marie Laceda and Miguel Mendoza led the team, with support from associates Celina Hilario and Hazel Fernandez-Cadiz.
“We provided comprehensive legal support for this deal, from assistance on negotiation of the transaction documents to advising on the regulatory regime covering independent tower companies promulgated by the Department of Information and Communications Technology,” Laceda told Asia Business Law Journal.
Mendoza said PJS Law had previously worked with BDO Unibank and Frontier on acquisitions, making the longstanding relationship one of the highlights of the transaction.
“We have worked with the parties now on four different tranches of tower acquisitions, and it has been a pleasure working with the BDO and Frontier teams for the past few years. We hope to continue assisting in any future rollout,” he told ABLJ.
Latham & Watkins advised Frontier on the acquisition, with Singapore-based partner James Clayton-Payne leading the team. Seoul counsel Regina Kim, Hong Kong associate Heidi Lui and Singapore associate Jonathan Wah were also part of the team, while additional tax advice was provided by partner Simon Skinner, chair of the London tax department, and associate Sam Duncan.
The acquisition adds around 400 cell towers to Frontier’s portfolio, expanding its footprint to more than 6,500 sites in the Philippines.
Frontier is the largest cell tower infrastructure company in the Philippines, while Transcend builds, owns, operates and leases passive wireless infrastructure for mobile and other licensed operators in the country.
