AMP (ASX: AMP) has announced the acquisition of Ireland's largest independent wireless telecom infrastructure company Towercom in its role as investment manager for the Irish Infrastructure Fund. According to an AMP press release, Towercom controls over 400 masts in key strategic locations in the Republic of Ireland, and counts all of the major telecoms operators in Ireland among its customers.
The Irish Infrastructure Fund was established by Irish Life Investment Managers, the asset management arm of Irish Life Group, and Towercom represents the second investment completed by the fund since its launch in 2011.
AMP's involvement in managing this fund is another example of the company's expanding overseas presence and comes in the wake of its joint venture with China Life as reported here. With a slow growth outlook for the Australian domestic economy, financial firms such as AMP, Macquarie (ASX: MQG) and ANZ Bank (ASX: ANZ) who have foreign earnings potential are likely to become increasingly appealing to growth-seeking investors.
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Motley Fool contributor Tim McArthur owns a share in Macquarie Group.
