Cordiant will purchase the business from its current shareholders Telenor Communication II and Participatiemaatschappij Vlaanderen, adding its 25 communication and broadcast towers to its portfolio.
“This acquisition represents an opportunity to acquire assets and an experienced team that offers a quality near-term income proposition, provides a platform for further asset diversification in Western Europe and comes with technology and knowhow that have the potential to benefit the development of Cordiant’s other portfolio companies,” said Steven Marshall, chairman at Cordiant Digital Infrastructure Group.
In addition to its towers, Norkring holds two digital audio broadcast (DAB) licences and one digital terrestrial television (DTT) multiplex licence.
This enables it to provide radio and TV broadcasting services to commercial stations and distributors and colocation and site-hosting to broadcasters, communications operators and mobile network operators.
At the same time, Norkring, as part of a consortium, is conducting trials using 5G broadcast technology, which is expected to provide it with the ability to offer additional services to broadcast and mobile operator customers.
The deal is being funded in cash from Cordiant’s balance sheet and is subject to foreign direct investment approval in Belgium. The transaction is due to complete before the end of the Company’s current financial year.
In related news earlier this year Cordiant confirmed that its portfolio company, České Radiokomunikace a.s. (CRA), entered into a new 15-year contract with an existing customer T-Mobile.
The new contract is for the lease of space on CRA’s telecoms tower portfolio and will run to 2038.
