Indonesia-based investment company Sarana Menara Nusantara is reportedly considering the sale of its minority stake in tower company Protelindo, seeking as much as US$1 billion, reported Bloomberg.
The company is apparently looking to sell between 15% to 20% and is currently at the stage of discussing the potential sale with a financial advisor. The potential sale is targeting pension and infrastructure funds.
In response to Bloomberg, Sarana Menara Nusantara and Protelindo President Director Ferdinandus Aming Santoso said the company is constantly exploring alternative funding through debt and equity, and both types are currently being discussed.
Infrastructure deals have surged globally as operators seek funding to position themselves for future changes to technology, such as 5G.
Profesional Telekomunikasi which trades as Protelindo, is Indonesia’s largest independent tower company, with a portfolio of 29,011 sites and 54,580 tenants.
In 2021, Protelindo acquired towers from rival a 94% stake in rival Solusi Tunas Pratama for US$1.2 billion.