Telstra Sells $2.1 Billion Mobile Towers Stake to Pensions (1)

Telstra Corp., Australia’s biggest telecommunications company, has raised A$2.8 billion ($2.1 billion) from the sale of a stake in its mobile-phone tower assets, and plans to return half of the proceeds to shareholders.

The 49% stake was purchased by Australia’s Future Fund, Commonwealth Superannuation Corp. and pension fund Sunsuper, Melbourne-based Telstra said in a statement Wednesday. Infrastructure fund Morrison & Co. will manage the asset on behalf of the group, the company said.

The deal is expected to close in the first quarter of fiscal 2022. Telstra will provide further details about how the proceeds will be ...