5th Apr 2023 11:23
(Alliance News) - HICL Infrastructure PLC on Wednesday announced it will acquire a minority equity position in Altitude Group's fibre-to-home platform Altitude Infra.
HICL is a London-based investment firm, managed by InfraRed Capital Partners.
The company said it will buy, alongside other InfraRed-managed funds and co-investors, a 15% stake of the Altitude Infra platform from Altitude Group.
Altitude Group will retain a majority shareholding, the company said.
HICL noted after its completion, the investment will represent approximately 2% of the company's portfolio, adding that it will enhance its diversification and improve its earnings profile.
HICL also reported it is in advanced negotiations to sell an existing investment and has granted a period of exclusivity to a third-party bidder. It expects to fund the investment in Altitude Infra through the accretive disposal generated from this sale.
Shares were up 0.5% at 155.20 in London on Wednesday morning.
By Sabrina Penty; Alliance News reporter
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