25th Oct 2024 10:12
(Alliance News) - Cordiant Digital Infrastructure Ltd on Friday said it will buy data centres in Belgium to boost its opportunity to create a "market leading" retail and wholesale data centre business.
Cordiant, which invests in data centres, telecommunications towers and fibre networks in the UK, Europe and North America, said it will buy and combine Antwerpen-based data centre provider DCU Invest NV and the data centre business of Brussels-based Proximus Group.
DCU is a data centre operator with nine data centres across eight locations in Belgium, while Proximus is a provider of digital services and communication solutions in the western European country.
Cordiant alongside funds that it manages will buy a 47.5% economic stake in the combined group for a total of EUR92.3 million.
The combined group has 13 megawatt of IT power, generated revenue of around EUR40.3 million and earnings before interest, tax, depreciation and amortisation of EUR15.1 million in 2023.
The company expects the transaction to close early in the first quarter of 2025.
Cordiant Digital Chair Shonaid Jemmett-Page said: "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 net asset value 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: "The acquisition provides a good foundation for the manager's value creation plan for these assets. The transaction shows the manager's operational data centre expertise and ability to source transactions that meet its demanding criteria for capital deployment."
Cordiant shares were 0.9% lower at 88.78 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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