Indonesia’s towercos represent a selection of best practice case studies combining efficient organic growth, strong MNO relationship building yielding substantial sale and leasebacks, as well as a rational rollup market for the consolidation of middle market towercos. Towercos own more than half of Indonesia’s towers, build more towers in Indonesia each year than they do in Myanmar, and have delivered solid tenancy ratio and TCF growth.
It didn’t used to be this way. As recently as 2008, Indonesia was over-populated with MNOs sub-optimally deploying capex to build parallel infrastructure – it’s a familiar emerging market telecom story.
