SYDNEY/SINGAPORE/MANILA – Macquarie Capital unit PhilTower Consortium Inc. and Manila Electric Co.'s (Meralco) Miescor Infrastructure Development Corp. (MIDC) have completed a transaction that will create one of the largest independent telecommunications tower companies in the Philippines. MIDC is a joint venture between Meralco Industrial Engineering Services Corp. (Miescor) and US investment firm Stonepeak. The still-to-be-named entity will be owned by a consortium, including Macquarie Capital, Stonepeak, Meralco and Global Network Inc. Macquarie Capital, part of top Australian investment bank Macquarie Group, did not provide financial details in a statement released on Monday. It said the new entity would command a portfolio of more than 3,300 operational towers, with a pipeline of more than 2,100 committed orders, and was well positioned to meet the Philippines' increased demand for connectivity and digital infrastructure. The transaction has been approved by regulators in the Philippines, with all deal completion conditions completed, it added. In a disclosure, Meralco said the deal was completed on September 13 and that "the parties have secured the necessary regulatory approvals from the Securities and Exchange Commission and the Philippine Competition Commission." It also released a statement from Miescor saying that the deal would help accelerate the rollout of wireless technologies for mobile network operators, such as Globe Telecom Inc., Smart Communications Inc., and DITO Telecommunity Corp. "This development will play a critical role in supporting the nation's digital transformation and expanding access to mobile broadband services," it said. Richard Ochava, president and CEO of Miescor, said the move "will not only improve network coverage and ICT (information and communications technology) services but also have a broader impact in the country's socio-economic development by fostering digital inclusion and empowerment, especially in underserved areas." In a statement issued on Sunday, meanwhile, Stonepeak Senior Managing Director Darren Keogh said, "The joining of MIDC and PhilTower will allow for the more effective delivery of critical digital infrastructure through its combined footprint, helping to bridge the digital divide in the Philippines." "This is an exciting milestone for both MIDC and PhilTower, especially given the support and demand the Philippines mobile tower industry is realizing," he added. Devid Gubiani, CEO of the joint venture, noted that the younger generation was driving "exponential data consumption" in the Philippines. "The MIDC team's expertise and portfolio are highly complementary to PhilTower's, and together with our partners we will have the ability to make a real difference through the delivery of world-class telecoms infrastructure and services to our customers," he said. Meralco shares rose by P10, or 2.44 percent, to P420 apiece on Monday, outpacing the benchmark Philippine Stock Exchange index's 1.16-percent gain. FROM REPORTS BY REUTERS, TMT AND ED PAOLO SALTING