LONDON, UK: Cordiant Digital Infrastructure, an operationally focused specialist digital infrastructure investor, has agreed to acquire Norkring België NV, 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 €5.25m, 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.”
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