DigitalBridge To Buy Telenet's Mobile Tower Business For EUR 745 Mln Cash

(RTTNews) - DigitalBridge Group, Inc. (DBRG), a digital infrastructure investment firm, said on Friday that its affiliate DigitalBridge Investments, LLC has decided to buy the mobile telecommunications tower business of Telenet Group Holding NV, a cable broadband services provider in Belgium, for 745 million euros in cash.

With the move, DigitalBridge will own 100 percent of Telenet's passive infrastructure and tower assets, including TowerCo's countrywide footprint of 3,322 sites in Belgium, including 2,158 owned sites and 1,164 third-party sites.

Marc Ganzi, CEO of DigitalBridge said: "Telenet's tower business is a high-quality digital infrastructure asset with stable, predictable cash flows, high cash conversion, and long-term contracts…We see significant headroom for growth in the Belgian telecom market through the enhancement of mobile penetration and data usage, and we look forward to meeting and exceeding Telenet's increased coverage needs." The transaction, scheduled to be completed in the second quarter, is funded through an arrangement of debt and equity financing. This is also includes a commitment from the DigitalBridge balance sheet of 470 million euros.