TPG +2.33%: Announced the sale of their entire mobile tower and rooftop infrastructure network today for ~$950m to a Canadian pension fund, using the proceeds to pay down about 20% of their current debt. Both Telstra & Singtel have made similar moves in recent times cashing in on the current appetite for infrastructure assets. Reducing the overall amount of debt TPG carries will reduce the cost of that debt and provide them greater flexibility moving forward. We recently added TPG to our growth portfolio as a more defensive position and view today’s announcement as a positive.
MM remains bullish TPG
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