DigitalBridge Group, Inc. (NYSE: DBRG) today announced that funds affiliated with its investment management arm together with Brookfield Infrastructure Partners (NYSE: BIP) and its institutional partners have reached an agreement to acquire a 51 percent ownership stake in GD Towers. The transaction values GD Towers, the mobile telecommunications tower business of Deutsche Telekom AG (XETR: DTE), at $17.5 billion including the assumption of net debt. According to Deutsche Telekom, the transaction is expected to close towards the end of this year with the company expecting cash proceeds of around $10.7 billion, including debt of $4.1 billion. At the end of March, the carrier’s debt was around $136 billion, according to the Wall Street Journal.
“The partnership being formed today is about building the next generation digital infrastructure champion of Europe,” said Marc Ganzi, CEO of DigitalBridge. “The combination of Deutsche Telekom’s leading mobile network and market position, alongside one of the largest real asset managers in the world in Brookfield, combined with the digital infrastructure domain expertise of DigitalBridge, creates a team of unmatched capabilities to support GD Towers as it grows to meet the evolving network demands of enterprises and consumers across Europe.” Continue Reading
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