Telenet Group Holding announced it has finalized the sale of its telecommunications tower business to DigitalBridge Investments.
Following the sale, Belgium Tower Partners now holds all of Telenet’s mobile passive infrastructure and tower assets. Telenet has 3,326 sites across Belgium, including 2,162 owned sites, of which nearly 38 percent are towers, and 1,164 third-party sites.
At the end of March this year, DigitalBridge agreed to acquire Telenet’s towers for €745 million on a cash-free and debt-free basis, fully payable in cash, valuing Telenet’s tower business at 25.1x EV/EBITDAaL2 2021.
DigitalBridge and Telenet on 1 June 2022 entered into a partnership through a Master Lease Agreement (MLA) for an initial period of 15 years and two renewals of 10 years each. This agreement also includes a commitment to deploy a minimum of 475 additional new sites with Telenet acting as a subcontractor to Belgium Tower Partners, resulting in additional proceeds to Telenet.
