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Leighton confirms Canadian fund will buy telco assets

Leighton confirms Canadian fund will buy telco assets

Six months after announcing the sale of its telco assets, Leighton has confirmed a Candian fund as the buyer

Leighton has confirmed Ontario Teachers’ Pension Plan (OTPP) will acquire around 70 per cent of Leighton’s telco businesses, which include Nextgen Networks, Metronode and Infoplex.

Peter McGrath will be appointed CEO of the combined telco business once the transaction has been completed.

“We will remain an Australian headquartered and managed business and as we work towards separation from Leighton over the coming months, the management team and I will be using this opportunity to ensure the business continues to be flexible, nimble and focused toward our customers,” McGrath said in a statement.

Leighton announced in February this year that it was in talks with OTPP, stating the sale price values 100 per cent of the company's telco assets at $885 million.

Nextgen Networks owns an 18,000km fibre optic network in Australia; Metronode operates six data centres and is currently planning or constructing four more; and Infoplex sells private cloud and managed hosting services.

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Tags metronodeNextgen NetworksLeightonOntario Teachers’ Pension Plan

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