REG - Cordiant Digital Inf - Regulatory update on Speed Fibre Acquisition

Cordiant Digital InfrastructureAnnouncement

27/09/2023 07:00

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RNS Number : 7302N  Cordiant Digital Infrastructure Ltd  27 September 2023

27 September 2023
 

LEI: 213800T8RBBWZQ7FTF84

 

Cordiant Digital Infrastructure Limited

Regulatory update on the Acquisition of Speed Fibre Group

 

Cordiant Digital Infrastructure Limited (the "Company" or "CORD"), an
operationally focused specialist digital infrastructure investor, is pleased
to announce in relation to the acquisition by the Company of Speed Fibre DAC
("Speed Fibre") (the "Transaction"), that the Department of the Environment,
Climate and Communications in Ireland has approved the change of control of
Speed Fibre subsidiary, Enet, as required under the metropolitan area network
concession agreements to which Enet is a party.

The Transaction is expected to close later this year.

Following the completion of the Transaction, Speed Fibre, Ireland's leading
open access fibre infrastructure provider, will be the fourth digital
infrastructure investment made by CORD since its launch in 2021. Consistent
with the Company's "Buy, Build & Grow" model, Speed Fibre is a cash
generative platform and is well placed to invest in network expansion and
other opportunities where it can serve the continuing growth in data demand in
Ireland.

 

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

 Aztec Financial Services (Guernsey) Limited       +44 (0) 1481 749700
 Company Secretary and Administrator
 Chris Copperwaite / Laura Dunning

 Celicourt                                         +44 (0) 20 7770 6424
 Financial Communications Advisor
 Philip Dennis / Felicity Winkles / Ali AlQahtani

 

 

 

 

About CORD

The Company 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
(http://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 Group (expected to close during 2023), 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. (the Investment Manager), the Company's investment
manager, is a sector-specialist investor with particular expertise and
experience in digital infrastructure. It invests in global infrastructure and
real assets, running infrastructure private equity and infrastructure private
credit strategies through limited partnership funds and managed accounts. Its
current client base consists of global insurance companies, pension plans and
family offices.

About Speed Fibre Group

Speed Fibre, Ireland's leading open access fibre infrastructure provider,
operates via its subsidiaries Enet and Magnet Plus. With 5,400 kilometres of
owned and leased fibre and wireless backhaul across Ireland, Speed Fibre
provides dark fibre, wavelength and ethernet services to a mix of carriers,
internet service providers, corporate customers and the government. The
business is also well-positioned to serve Ireland's growing data centre
sector, which is expected to be among the fastest growing hyperscale data
centre markets in Western Europe over the next five to 10 years.

Enet is the manager of Ireland's 88 metropolitan area networks (MANs) - fibre
rings that connect 94 large regional towns to high-speed international
networks.  Aside from managing the MANs under a government concession, Enet
has a managed services contract for Irish Rail's long-distance fibre backhaul
network. It also owns key infrastructure such as the T5 ring which circles the
M50 and connects many of the country's biggest data centres. The concession to
run the MANs lasts until March 2030.

Magnet Plus operates the country's largest independent connectivity network.
It provides end customer connectivity for some of the world's biggest
technology companies, as well as telecommunications, data, and security
services to both commercial and residential markets in Ireland, throughout
Europe, the US and beyond.

Further details about Speed Fibre can be found on its website at
www.speedfibregroup.ie

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