REG - Cordiant Digital Inf - Acquisition of Norkring België

Cordiant Digital InfrastructureAnnouncement

02/11/2023 07:00

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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 €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."

 

For Further Information, please visit www.cordiantdigitaltrust.com
(http://www.cordiantdigitaltrust.com) or contact:

 Cordiant Capital Inc.                                                                                                              +44 (0) 20 7201 7546

 Investment Manager

 Stephen Foss, Managing
 Director
 Celicourt                                                                                                                          +44 (0)20 7770 6424

 PR Adviser

 Philip Dennis / Felicity Winkles / Ali AlQahtani
 Aztec                                                                                                                              +44 (0) 1481 749700

 Company Secretary and Administrator

 Chris Copperwaite / Laura Dunning
 Investec Bank plc                                                                                                                  +44 (0) 20 7597 4000

 Joint Corporate Broker

 Tom Skinner (Corporate Broking)

 Lucy Lewis / Denis Flanagan (Corporate Finance)
 Jefferies International Limited                                                                                                    +44 (0) 20 7029 8000

 Joint Corporate Broker

 Stuart Klein / Gaudi Le Roux

 

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 £795 million in equity, along
with a further €200m 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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