£575m telecoms deal
3i sells Scots telecoms firm Wireless Infrastructure Group
WIG builds masts in rural areas (pic: Wireless Infrastructure Group)
Edinburgh-based telecom towers operator Wireless Infrastructure Group has been sold in a £387 million deal after 3i group offloaded its 93% stake in the business.
Announcing the sale to Brookfield Infrastructure Partners, 3i Infrastructure said the deal equates to an enterprise value for WIG of £575m once debt is factored in.
The sale price compares to a valuation of £291m on 30 September.
3i invested £75m to acquire a minority interest in WIG in April 2016. In January 2018, the London-listed closed-ended investment company invested a further £187m to increase its equity ownership to the current level.
Over the last three years, WIG, which provides indoor mobile infrastructure to buildings right across the UK, has grown its international footprint through the development of its Dutch and Irish tower portfolios.
Brookfield Infrastructure is a division of Canada’s Brookfield Asset Management.
Scott Coates, CEO of Wireless Infrastructure Group, said: “We are delighted to welcome Brookfield as our shareholder and for the opportunity to partner with large-scale patient capital.
“Brookfield is one of the world’s largest infrastructure investors and its focus on data infrastructure and developing assets that can transform communities, aligns with our ambition to help improve connectivity across the UK.