BOCA RATON, Fla.–(Business WIRE)–DigitalBridge Group, Inc. (NYSE:DBRG) right now announced that an affiliate, DigitalBridge Investments, LLC (collectively “DigitalBridge”), has agreed to acquire the cellular telecommunications tower organization (“TowerCo”) of Telenet Group Holding NV (Euronext Brussels: TNET, “Telenet”) in an all-hard cash transaction valued at €745 million, or $820 million1, on a cash-totally free and financial debt-totally free basis. The transaction is currently being funded by way of a blend of credit card debt and fairness financing, like a motivation from the DigitalBridge equilibrium sheet of €470 million, or $517 million1. DigitalBridge intends to subsequently transfer its possession of TowerCo to a fund affiliated with DigitalBridge investment management system, in help of the firm’s continued development of new financial investment strategies.
The transaction with Telenet, a major company of leisure and telecommunications expert services in Belgium, will offer DigitalBridge with ownership of 100% of Telenet’s passive infrastructure and tower assets, including TowerCo’s nationwide footprint of 3,322 web sites in Belgium, such as 2,158 owned internet sites and 1,164 3rd-get together web sites.
By the acquisition, DigitalBridge will capitalize on the unique opportunity to develop and spend in the 1st unbiased TowerCo in Belgium with an expansive footprint, a total tenancy ratio of 1.2x, and a tenancy ratio of 1.6x in towers. The transaction produces the basis for DigitalBridge to gain from Telenet’s enhanced participation in 5G deployment to satisfy escalating protection wants as underscored by strong marketplace and macroeconomic traits in the telecom.
Marc Ganzi, President and CEO of DigitalBridge, explained, “Telenet’s tower business is a large-high-quality digital infrastructure asset with secure, predictable cashflows, higher dollars conversion, and very long-expression contracts. This transaction is the hottest example of DigitalBridge’s dedication to functioning with major telecom and technological know-how providers globally to aid them unlock embedded worth in their networks by means of resourceful methods built on prolonged-standing associations and a verified monitor record of successfully operating property. We see substantial headroom for growth in the Belgian telecom current market by means of the enhancement of cell penetration and facts use, and we appear forward to conference and exceeding Telenet’s amplified protection needs.”
Below the phrases of the settlement, DigitalBridge will enter into a very long-time period Grasp Lease Arrangement with Telenet, which consists of an original period of 15 many years and two renewals of 10 yrs each. The agreement also incorporates a establish-to-suit commitment to deploy a minimum amount of 475 further new web sites.
The transaction is predicted to near in the 2nd quarter of 2022 and does not have to have any even more regulatory approvals.
DigitalBridge was advised by Latham & Watkins and Stibbe (acting as authorized advisors), PwC (performing as fiscal and tax diligence advisor) and EY Parthenon (as industrial advisor). Telenet was encouraged by A&O (performing as authorized advisor), Goldman Sachs International (acting as fiscal advisor), Deloitte (as economical thanks diligence and tax advisor) and PMP (as business advisor).
DigitalBridge (NYSE: DBRG) is a main worldwide digital infrastructure REIT. With a heritage of above 25 a long time investing in and running organizations across the digital ecosystem such as mobile towers, information centers, fiber, small cells, and edge infrastructure, the DigitalBridge crew manages a $45 billion portfolio of digital infrastructure assets on behalf of its minimal partners and shareholders. Headquartered in Boca Raton, DigitalBridge has critical places of work in New York, Los Angeles, London, and Singapore. For additional details visit www.digitalbridge.com.
As a provider of leisure and telecommunication expert services in Belgium, Telenet Group is constantly wanting for the excellent knowledge in the electronic entire world for its prospects. Below the brand title Telenet, the organization focuses on supplying electronic television, substantial-speed Web and mounted and cell telephony solutions to household buyers in Flanders and Brussels. Beneath the model title Foundation, it materials mobile telephony in Belgium. The Telenet Organization section serves the organization sector in Belgium and Luxembourg with connectivity, hosting and safety alternatives. Additional than 3,000 workforce have a person goal in mind: making residing and functioning less difficult and a lot more pleasant. Telenet Group is portion of Telenet Team Keeping NV and is quoted on Euronext Brussel under ticker image TNET. For extra info, go to www.telenet.be. Liberty World-wide – 1 of the world’s major converged movie, broadband and communications firms, innovating and empowering individuals in six nations across Europe to make the most of the digital revolution – owns a direct stake of 58.3% in Telenet Team Keeping NV (excluding any treasury shares held by the latter from time to time).
Cautionary Assertion pertaining to Forward-Hunting Statements
This press launch might consist of forward-looking statements in the indicating of the federal securities rules. Forward-seeking statements relate to expectations, beliefs, projections, upcoming designs and procedures, expected events or trends and very similar expressions about matters that are not historic info. In some conditions, you can detect ahead-looking statements by the use of forward-on the lookout terminology this sort of as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these terms and phrases or comparable terms or phrases which are predictions of or reveal upcoming activities or tendencies and which do not relate only to historical issues. Ahead-on the lookout statements include identified and unfamiliar threats, uncertainties, assumptions and contingencies, numerous of which are past our regulate, and might result in true outcomes to vary appreciably from those people expressed in any forward-searching statement. Aspects that may possibly induce this kind of a difference include, devoid of limitation, regardless of whether DigitalBridge will total the acquisition of TowerCo in just the time body expected or at all, whether DigitalBridge will subsequently transfer its fairness in TowerCo to an affiliated fund, whether DigitalBridge will understand any of the expected benefits from the acquisition, and other pitfalls and uncertainties, including all those specific in DigitalBridge’s Annual Report on Form 10-K for the calendar year finished December 31, 2021, and its other reports filed from time to time with the U.S. Securities and Trade Fee (“SEC”). All forward-on the lookout statements replicate the Company’s excellent religion beliefs, assumptions and expectations, but they are not ensures of long run functionality. DigitalBridge cautions buyers not to unduly depend on any forward-hunting statements. The forward-wanting statements communicate only as of the day of this push release. DigitalBridge is less than no duty to update any of these forward-looking statements just after the day of this press release, nor to conform prior statements to true outcomes or revised anticipations, and DigitalBridge does not intend to do so.
1 Primarily based on exchange price as of March 24, 2022.