Regulatory update on Speed Fibre Acquisition
27 September 2023
LEI: 213800T8RBBWZQ7FTF84
Cordiant Digital Infrastructure Limited
Regulatory update on the Acquisition of Speed Fibre Group
Cordiant Digital Infrastructure Limited (the "Company" or "CORD"), an operationally focused specialist digital infrastructure investor, is pleased to announce in relation to the acquisition by the Company of Speed Fibre DAC ("Speed Fibre") (the "Transaction"), that the Department of the Environment, Climate and Communications in Ireland has approved the change of control of Speed Fibre subsidiary, Enet, as required under the metropolitan area network concession agreements to which Enet is a party.
The Transaction is expected to close later this year.
Following the completion of the Transaction, Speed Fibre, Ireland's leading open access fibre infrastructure provider, will be the fourth digital infrastructure investment made by CORD since its launch in 2021. Consistent with the Company's "Buy, Build & Grow" model, Speed Fibre is a cash generative platform and is well placed to invest in network expansion and other opportunities where it can serve the continuing growth in data demand in Ireland.
For further information, please visit www.cordiantdigitaltrust.com or contact:
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Cordiant Capital Inc. |
+44 (0) 20 7201 7546 |
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Investment Manager |
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Stephen Foss, Managing Director |
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Aztec Financial Services (Guernsey) Limited |
+44 (0) 1481 749700 |
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Company Secretary and Administrator |
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Chris Copperwaite / Laura Dunning |
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Celicourt |
+44 (0) 20 7770 6424 |
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Financial Communications Advisor |
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Philip Dennis / Felicity Winkles / Ali AlQahtani |
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About CORD
The Company primarily invests in the core infrastructure of the digital economy - data centres, fibre-optic networks and telecommunication and broadcast towers in Europe and North America. Further details about the Company can be found on its website at www.cordiantdigitaltrust.com.
In total, the Company has successfully raised £795 million in equity, along with a further €200m through a Eurobond with four European institutions; deploying the proceeds into four acquisitions: CRA; Hudson Interxchange; Emitel and Speed Fibre Group (expected to close during 2023), which together offer stable, often index-linked income, and the opportunity for growth, in line with the Company's Buy, Build & Grow model.
About the Investment Manager
Cordiant Capital Inc. (the Investment Manager), the Company's investment manager, is a sector-specialist investor with particular expertise and experience in digital infrastructure. It invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Its current client base consists of global insurance companies, pension plans and family offices.
About Speed Fibre Group
Speed Fibre, Ireland's leading open access fibre infrastructure provider, operates via its subsidiaries Enet and Magnet Plus. With 5,400 kilometres of owned and leased fibre and wireless backhaul across Ireland, Speed Fibre provides dark fibre, wavelength and ethernet services to a mix of carriers, internet service providers, corporate customers and the government. The business is also well-positioned to serve Ireland's growing data centre sector, which is expected to be among the fastest growing hyperscale data centre markets in Western Europe over the next five to 10 years.
Enet is the manager of Ireland's 88 metropolitan area networks (MANs) - fibre rings that connect 94 large regional towns to high-speed international networks. Aside from managing the MANs under a government concession, Enet has a managed services contract for Irish Rail's long-distance fibre backhaul network. It also owns key infrastructure such as the T5 ring which circles the M50 and connects many of the country's biggest data centres. The concession to run the MANs lasts until March 2030.
Magnet Plus operates the country's largest independent connectivity network. It provides end customer connectivity for some of the world's biggest technology companies, as well as telecommunications, data, and security services to both commercial and residential markets in Ireland, throughout Europe, the US and beyond.
Further details about Speed Fibre can be found on its website at www.speedfibregroup.ie
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