BOCA RATON, Fla.–(Business enterprise WIRE)–DigitalBridge Team, Inc. (NYSE:DBRG) currently announced that an affiliate, DigitalBridge Investments, LLC (collectively “DigitalBridge”), has agreed to purchase the cell telecommunications tower business enterprise (“TowerCo”) of Telenet Group Holding NV (Euronext Brussels: TNET, “Telenet”) in an all-cash transaction valued at €745 million, or $820 million1, on a cash-totally free and debt-free of charge basis. The transaction is staying funded by way of a combination of financial debt and equity financing, which includes a determination 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 expense administration system, in assistance of the firm’s continued improvement of new expense approaches.
The transaction with Telenet, a primary service provider of leisure and telecommunications providers in Belgium, will give DigitalBridge with ownership of 100% of Telenet’s passive infrastructure and tower assets, which include TowerCo’s nationwide footprint of 3,322 web sites in Belgium, including 2,158 owned internet sites and 1,164 third-party websites.
Through the acquisition, DigitalBridge will capitalize on the exceptional option to make and invest in the first impartial TowerCo in Belgium with an expansive footprint, a overall tenancy ratio of 1.2x, and a tenancy ratio of 1.6x in towers. The transaction generates the basis for DigitalBridge to reward from Telenet’s greater participation in 5G deployment to meet up with growing coverage desires as underscored by robust current market and macroeconomic traits in the telecom.
Marc Ganzi, President and CEO of DigitalBridge, stated, “Telenet’s tower business is a significant-good quality electronic infrastructure asset with secure, predictable cashflows, large income conversion, and lengthy-expression contracts. This transaction is the most up-to-date example of DigitalBridge’s determination to working with main telecom and engineering organizations globally to assist them unlock embedded worth in their networks by using imaginative options crafted on long-standing relationships and a proven keep track of file of effectively functioning property. We see considerable headroom for progress in the Belgian telecom current market by way of the improvement of mobile penetration and info utilization, and we glance forward to conference and exceeding Telenet’s increased protection desires.”
Underneath the terms of the settlement, DigitalBridge will enter into a extended-time period Master Lease Arrangement with Telenet, which contains an preliminary period of time of 15 a long time and two renewals of 10 many years each and every. The agreement also consists of a make-to-go well with dedication to deploy a least of 475 more new sites.
The transaction is predicted to near in the second quarter of 2022 and does not require any more regulatory approvals.
DigitalBridge was suggested by Latham & Watkins and Stibbe (performing as authorized advisors), PwC (performing as economic and tax diligence advisor) and EY Parthenon (as industrial advisor). Telenet was suggested by A&O (acting as legal advisor), Goldman Sachs Intercontinental (acting as financial advisor), Deloitte (as financial owing diligence and tax advisor) and PMP (as professional advisor).
DigitalBridge (NYSE: DBRG) is a main world-wide digital infrastructure REIT. With a heritage of around 25 a long time investing in and functioning corporations throughout the digital ecosystem together with cell towers, information facilities, fiber, little cells, and edge infrastructure, the DigitalBridge workforce manages a $45 billion portfolio of electronic infrastructure assets on behalf of its minimal partners and shareholders. Headquartered in Boca Raton, DigitalBridge has important workplaces in New York, Los Angeles, London, and Singapore. For more details check out www.digitalbridge.com.
As a supplier of leisure and telecommunication companies in Belgium, Telenet Group is always seeking for the best encounter in the digital entire world for its customers. Under the model identify Telenet, the firm focuses on featuring digital tv, large-velocity World-wide-web and set and cell telephony expert services to household prospects in Flanders and Brussels. Less than the model title Foundation, it materials mobile telephony in Belgium. The Telenet Business department serves the enterprise sector in Belgium and Luxembourg with connectivity, web hosting and protection solutions. Extra than 3,000 personnel have a single purpose in head: producing dwelling and functioning less complicated and more nice. Telenet Team is component of Telenet Group Keeping NV and is quoted on Euronext Brussel underneath ticker symbol TNET. For far more information and facts, take a look at www.telenet.be. Liberty World-wide – a person of the world’s main converged video, broadband and communications businesses, innovating and empowering people today in six nations throughout Europe to make the most of the electronic revolution – owns a immediate stake of 58.3% in Telenet Group Holding NV (excluding any treasury shares held by the latter from time to time).
Cautionary Assertion about Forward-Wanting Statements
This push release could comprise ahead-on the lookout statements in the this means of the federal securities legislation. Forward-wanting statements relate to anticipations, beliefs, projections, foreseeable future plans and approaches, anticipated events or tendencies and equivalent expressions about matters that are not historic facts. In some situations, you can detect ahead-wanting statements by the use of ahead-hunting terminology these kinds of as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these terms and phrases or identical terms or phrases which are predictions of or reveal long term gatherings or traits and which do not relate entirely to historical matters. Forward-looking statements include acknowledged and unknown hazards, uncertainties, assumptions and contingencies, many of which are beyond our handle, and may perhaps cause precise success to vary appreciably from those expressed in any ahead-searching statement. Aspects that may well cause these kinds of a distinction include things like, without limitation, irrespective of whether DigitalBridge will entire the acquisition of TowerCo inside the time body anticipated or at all, regardless of whether DigitalBridge will subsequently transfer its equity in TowerCo to an affiliated fund, whether or not DigitalBridge will notice any of the expected gains from the acquisition, and other challenges and uncertainties, together with individuals comprehensive in DigitalBridge’s Once-a-year Report on Form 10-K for the calendar year ended December 31, 2021, and its other studies submitted from time to time with the U.S. Securities and Exchange Commission (“SEC”). All ahead-on the lookout statements replicate the Company’s great faith beliefs, assumptions and anticipations, but they are not ensures of future overall performance. DigitalBridge cautions buyers not to unduly rely on any ahead-looking statements. The ahead-seeking statements discuss only as of the day of this push launch. DigitalBridge is under no duty to update any of these forward-on the lookout statements just after the day of this press release, nor to conform prior statements to genuine success or revised expectations, and DigitalBridge does not intend to do so.
1 Based on trade charge as of March 24, 2022.