Cordiant Digital Infrastructure Ltd Acquisition of Norkring België (0306S)
November 02 2023 - 2:00AM
UK Regulatory
TIDMCORD
RNS Number : 0306S
Cordiant Digital Infrastructure Ltd
02 November 2023
2 November 2023
LEI: 213800T8RBBWZQ7FTF84
Cordiant Digital Infrastructure Limited
Acquisition of Norkring België
Cordiant Digital Infrastructure Limited (the "Company" or
"CORD"), an operationally focused specialist digital infrastructure
investor, is pleased to announce it has agreed to acquire Norkring
België NV ("Norkring"), which operates 25 communication and
broadcast towers in Belgium, from its current shareholders Telenor
Communication II AS and Participatiemaatschappij Vlaanderen NV.
Norkring is being acquired for a total enterprise value of
EUR5.25m, subject to customary adjustments. The transaction is
being funded from CDIL's cash on its balance sheet and is
conditional upon foreign direct investment approval in Belgium. It
is expected to complete before the end of the Company's current
financial year.
In addition to its towers, Norkring is the holder of two DAB
licences and one DTT multiplex licence. It provides (i) radio and
TV broadcasting services to commercial stations and distributors
and (ii) colocation and site-hosting to broadcasters, niche
communications operators and mobile network operators. As part of a
consortium, Norkring is conducting trials using 5G broadcast
technology, which is expected to provide it with the ability to
offer additional services to broadcast and mobile operator
customers.
Commenting, Steven Marshall, Chairman, Cordiant Digital
Infrastructure Group said:
"This acquisition represents an opportunity to acquire assets
and an experienced team that offers a quality near-term income
proposition, provides a platform for further asset diversification
in Western Europe and comes with technology and knowhow that have
the potential to benefit the development of CORD's other portfolio
companies."
For Further Information, please visit
www.cordiantdigitaltrust.com or contact:
Cordiant Capital Inc.
Investment Manager
Stephen Foss, Managing Director +44 (0) 20 7201 7546
Celicourt
PR Adviser
Philip Dennis / Felicity Winkles / Ali AlQahtani +44 (0)20 7770 6424
Aztec
Company Secretary and Administrator
Chris Copperwaite / Laura Dunning +44 (0) 1481 749700
Investec Bank plc
Joint Corporate Broker
Tom Skinner (Corporate Broking)
Lucy Lewis / Denis Flanagan (Corporate Finance) +44 (0) 20 7597 4000
Jefferies International Limited
Joint Corporate Broker
Stuart Klein / Gaudi Le Roux +44 (0) 20 7029 8000
Notes to Editors:
About the Company
Cordiant Digital Infrastructure Limited primarily invests in the
core infrastructure of the digital economy - data centres,
fibre-optic networks and telecommunication and broadcast towers in
Europe and North America. Further details about the Company can be
found on its website at www.cordiantdigitaltrust.com.
In total, the Company has successfully raised GBP795 million in
equity, along with a further EUR200m through a Eurobond with four
European institutions; deploying the proceeds into four
acquisitions: CRA; Hudson Interxchange; Emitel and Speed Fibre,
which together offer stable, often index-linked income, and the
opportunity for growth, in line with the Company's Buy, Build &
Grow model
About the Investment Manager
Cordiant Capital Inc. ("Cordiant"), the Company's investment
manager, is a sector-focused investment manager with substantial
expertise and experience in digital infrastructure. Cordiant
invests in global infrastructure and real assets, running
infrastructure private equity and infrastructure private credit
strategies through limited partnership funds and managed accounts.
Cordiant's current client base consists of global insurance
companies, pension plans and family offices.
About Norkring
Based in Brussels, Belgium Norkring (i) operates 25
communication and broadcast towers, 8 of which are freehold and 17
leased, and (ii) is the holder of two DAB licences and one DTT
multiplex licence. It is conducting trials as part of a consortium
using 5G broadcast technology which are partially funded and
supported by the Flemish government. 5G broadcast technology opens
the potential to offer additional services to broadcasters and
mobile operators to meet the growing demand for watching video
content on the move. Video content already drives the most traffic
on public mobile networks, accounting for around two-thirds of
overall global mobile data consumption. The digital television
market in Flanders currently has a limited number of viewers.
However, there is a strong market for radio, with average listening
times amongst the highest in Europe at 3.3 hours per day per
listener, together with a healthy radio advertising market.
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