Cordiant Digital Infrastructure (CORD) and its funds are to invest €92.3m to own Belgian data centre assets in a deal alongside listed infrastructure investor TINC.
TINC is selling part of its portfolio company Datacenter United (DCU) to CORD as part of a deal that also involves DCU acquiring PDC Business, the €128m data centre business owned by Proximus.
The transaction involves CORD acquiring a 47.5% stake in the combined DCU and PDC business from TINC and DCU’s CEO, Friso Haringsma for a total equity consideration of €92.3m.
TINC will continue to hold 47.5% of the share capital of the combined DCU group with Haringsma owning a 5% non-voting stake in the combined entity.
DCU operates nine data centres across eight locations in Belgium. The PDC Business consists of four data centres across three locations in Belgium.
As part of the transaction, Haringsma will become the CEO of the combined group and Steven Marshall, chairman of CORD, will become chairman of the board of directors.
CORD’s investment manager, Cordiant, has reached a preliminary agreement with a separately managed fund that will invest €20m alongside CORD in the transaction. This would result in a reduction of CORD’s indirect shareholding in the combined group to 37.2%.
Shonaid Jemmett-Page, CORD’s chairman, said: “The Board is delighted to announce the agreement to acquire these two data centre businesses. By bringing these businesses together, there is the opportunity to create a market leading retail and wholesale data centre business in this attractive geography.
“These acquisitions further diversify the company’s portfolio, provide an opportunity for co-investment and also provide the potential for further Ebitda and NAV growth through the build-out and sale of the combined business’ remaining space and power following closing.”
Steven Marshall and Benn Mikula, co-founders of Cordiant Digital Infrastructure Management, said: “We are delighted to be working with TINC, who, as a long-term investor, shares a common strategic vision for this business and will be able to co-invest alongside the company in the further expansion of the facilities.”
TINC’s CEO Manu Vandenbulcke, said: “This transaction represents a major milestone for Datacenter United. With an increased foothold in the important Brussels area, Proximus as key customer and Cordiant as a complementary new shareholder, Datacenter United is well positioned for strong growth.
“For TINC, supporting such a growth story aligns perfectly with our ambition to contribute to the development of the infrastructure for the world of tomorrow and to create value for our shareholders.”
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