Stonepeak is entering into the transaction through Miescor Infrastructure Development Corporation (MIDC), a joint venture between Meralco Industrial Engineering Services Corporation (MIESCOR) and Stonepeak. MIESCOR is a subsidiary of Manila Electric Company (Meralco) (PSE: MER), the largest private sector electric distribution utility company in the Philippines. MIDC and Globe executed a Master Lease Agreement, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years. In addition, Globe has commissioned MIDC to construct 750 additional build-to-suit towers over the next four years on which Globe will be the anchor tenant.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $49.3 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. MIDC is an independent tower company registered with the Department of Information and Communications Technology that provides tower construction, site acquisition, site permitting and erection of towers, and tower management services to telecommunications companies. The company is a joint venture between MIESCOR, a subsidiary of Meralco – the largest private sector electric distribution utility company in the Philippines, and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately $49.3 billion of assets under management.