DigitalBridge Group, Inc. (NYSE: DBRG) announced last week that an affiliate, DigitalBridge Investments, LLC, has agreed to acquire the mobile telecommunications tower business of Telenet Group Holding NV (Euronext Brussels: TNET, “Telenet”) in an all-cash transaction valued at $820 million. The company said the transaction is being funded via a combination of debt and equity financing, including a commitment from the DigitalBridge balance sheet of $517 million. DigitalBridge intends to subsequently transfer its ownership of TowerCo to a fund affiliated with DigitalBridge investment management platform, in support of the firm’s continued development of new investment strategies.
The transaction with Telenet, a leading provider of entertainment and telecommunications services in Belgium, will provide DigitalBridge with ownership of 100 percent of Telenet’s passive infrastructure and tower assets, encompassing TowerCo’s nationwide footprint of 3,322 sites in Belgium, including 2,158 owned sites and 1,164 third-party sites. In past years, the Telenet sites posted a total tenancy ratio of 1.2x, and a tenancy ratio of 1.6x in towers. Continue Reading
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