Dutch operator KPN has sold its infrastructure business IS&P to SPIE Nederland, a group focused on systems and engineering.
KPN did not disclose the sale price but IS&P generated over €100m revenues last year.
The disposal is part of KPN’s ongoing…
Dutch operator KPN has sold its infrastructure business IS&P to SPIE Nederland, a group focused on systems and engineering.
KPN did not disclose the sale price but IS&P generated over €100m revenues last year.
The disposal is part of KPN’s ongoing strategy to divest non-core assets and instead work with partners. SPIE has agreed to partner with KPN for a minimum of three years.
IS&P installs and maintains cabling infrastructures for data and voice connectivity, and manages data centres.
According to a KPN spokesperson Deloitte was its financial advisor and Ploum Lodder Princen was legal advisor. Mazars acted as financial advisor to SPIE while Wintertaling provided legal advice.
The Dutch operator wants to lower its net debt to EBITDA ratio which stood at 3.0x in its Q4 results released in February. It aims to reduce the ratio to between 2.0x and 2.5x by the end of the year. Its debt pile stood at €12bn in its 2012 annual report.
Earlier this month the telco issued a €1.56bn hybrid bond as part of a planned €4bn capital increase, which is also set to include a rights issue. It is now gearing up for a subordinated hybrid bond in US dollars.
In Q4 last year KPN offloaded a number of assets. In Germany, it sold towers owned by E-Plus to American Tower for €393m, and in the Netherlands it sealed a €97m tower sale and leaseback deal with Protelindo. It also sold its Swiss MVNO Ortel Mobile and Spanish MVNO Simyo.
KPN reported total revenues of €3.274bn for Q4 2012, down 3% year-on-year. Revenues for the full year stood at €12.708bn, down 3.5% on the 2011 result. Its annual EBITDA also fell, down by 12% to €4.528bn.
