French tower group TDF has agreed to sell its Finnish unit Digita to the Commonwealth Bank of Australia’s First State Investments.
The parties did not disclose the value of the planned transaction, subject to the approvals of the Finnish Ministry of…
French tower group TDF has agreed to sell its Finnish unit Digita to the Commonwealth Bank of Australia’s First State Investments.
The parties did not disclose the value of the planned transaction, subject to the approvals of the Finnish Ministry of Employment and Economy and the Finnish Council of State.
But earlier media reports said the deal value could reach €400m (US$494m).
TDF Group CEO Olivier Huart stated that the divestment is in line with the group’s strategy to focus on its core markets – France and Germany – and develop its Media Services Business unit.
The deal marks First State’s first infrastructure investment in Finland via its European Diversified Infrastructure Fund.
First State Investments head of infrastructure transactions, Marcus Ayre, and Digita CEO Sirpa Ojala both stressed the deal is a long-term, strategic alliance.
“This new partnership will enable further investment in the network and the opportunity to create value for all our stakeholders,” Ojala said.
Digita provides wireless and digital solutions to TV and radio broadcasting companies as well as mobile and broadband operators in Finland.
Its parent company, private-equity backed TDF, also operates in Austria, Hungary, Spain, Poland, Estonia and Monaco. Its largest shareholder is Texas Pacific Group with a 42% stake.
