Sunsuper, which is in the process of merging with QSuper, has joined with the Future Fund and the Commonwealth Superannuation Corporation to buy the stake from Telstra’s InfraCo.
The deal values InfraCo at $5.9 billion and Telstra said half of the proceeds from the deal would be returned to its shareholders in 2022.
Telstra chief executive Andrew Penn said the deal was part of the company’s strategy to unlock value and he expected the would be a long-term partner.
“Telstra’s objective in seeking a strategic partner has been to maximise overall value for our shareholders, maintain control of the assets and agree terms that secure Telstra’s mobile network leadership and competitive differentiation into the future,” Penn said.
He said Telstra had plans to sell a stake in InfraCo next year but had been approached by the consortium earlier this year.
“We believe the value of the transaction, the high-calibre consortium members and the terms of the agreement which protect Telstra’s network differentiation, support our decision to accelerate the process,” Penn said.
He said returning the funds to shareholders could be done through a share buyback.
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