1st Apr 2021 09:12
(Alliance News) - 3i Infrastructure PLC on Thursday said it will acquire a 60% stake in German telecommunications provider DNS:NET for EUR182 million.
The Jersey-headquartered investment manager is a subsidiary of FTSE 100-listed private investor 3i Group PLC, which holds a 30% stake in 3i Infrastructure.
3i Infrastructure said it is buying the stake from Deutsche Beteiligungs AG's private equity fund DBAG ECF. DBAG Founder & Chief Executive Alexander Lucke will reinvest alongside 3i Infrastructure to retain a 40% stake.
The company said it expects completion to take place in June 2021.
DNS:NET has in recent years commenced a fibre-to-the-home rollout in Germany, which it now plans to accelerate with 3i Infrastructure's backing.
"DNS:NET is an asset-intensive business delivering an essential service in a sector with strong underlying demand trends. It is a high growth asset which will further diversify our portfolio, giving 3i Infrastructure sizeable exposure to the German infrastructure market for the first time," 3i Infrastructure Chair Richard Laing.
On Wednesday, 3i Infrastructure had said it is on track on deliver its dividend target for the year ended the same day of 9.80 pence per share, up 6.5% year-on-year.
Shares in 3i Infrastructure were down 0.3% at 295.50p in London on Thursday.
By Zoe Wickens; [email protected]
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