TIDMCORD
RNS Number : 5745Q
Cordiant Digital Infrastructure Ltd
19 October 2023
19 October 2023
LEI: 213800T8RBBWZQ7FTF84
Cordiant Digital Infrastructure Limited
Completion of Speed Fibre Acquisition
Cordiant Digital Infrastructure Limited (the "Company" or
"CORD"), an operationally focused specialist digital infrastructure
investor, is pleased to announce the completion of the acquisition
of Speed Fibre DAC ("Speed Fibre" or the "Group").
This acquisition is a further step in the Company's portfolio
diversification by asset class and geography with its entry into
wholesale and retail fibre services in Ireland.
Speed Fibre is a cash generative enterprise with a diversified
base of blue-chip customers. The Group represents a leading data
delivery platform in a market with significant ongoing demand
growth and development potential, in particular in the data centre
sector. Speed Fibre's network is at the heart of Ireland's digital
framework. The country is among the most digitally enabled
economies in the European Union, and the continuing buildout of
digital technologies and network infrastructure is a cornerstone of
the Irish Government's economic, social and environmental
policies.
Speed Fibre has a strong ESG and sustainability focus, having
recently been ranked #1 in Europe in the fibre networks sector with
a GRESB score of 97/100, and is targeting net zero carbon emissions
by 2040.
As previously announced, the equity consideration for the
acquisition is EUR97.2 million, based on a total enterprise value
of EUR190.5 million. The equity consideration will be funded by
EUR67.6 million in cash and EUR29.6 million through a vendor loan
note with an initial interest rate of 6% and a maturity of four
years. Following the acquisition of Speed Fibre, CORD's portfolio
would have aggregate pro forma annual revenues to 31 March 2023 of
GBP266 million, with aggregate pro forma, normalised annual EBITDA
of GBP124 million for the same period.
With the continuation of Speed Fibre's existing senior loan
facility with its current lenders (maturing in 2029), CORD has pro
forma aggregate net gearing of approximately 38%.
The transaction exemplifies the Company's disciplined approach
to investment. CORD continues to be strongly capitalised after the
acquisition of Speed Fibre. In addition, the dividend is covered
4.0x by earnings and 1.8x based on adjusted funds from
operations.
Steven Marshall, Chairman of Digital Infrastructure at Cordiant
Capital, commented:
" We are delighted to welcome Speed Fibre into CORD's portfolio,
which is now further diversified by asset class and geography.
Fibre remains an integral part of digital infrastructure,
supporting economic growth and social connectivity. As we remain
committed to our "Buy, Build, and Grow" model, the plan is to
invest further in Speed Fibre's network and work closely with the
Irish government and local partners to extend high-speed digital
access. This will nurture domestic innovation and provide a
thriving ecosystem for both multi nationals and homegrown tech
companies to flourish."
Benn Mikula, Co-Head of Cordiant Digital and CEO of Cordiant
Capital noted:
"Notwithstanding the continued pressure on the investment
companies' sector of the London Stock Exchange, the Company remains
focused on building shareholder value through the combination of
increasing cash flow and NAV at its portfolio companies as well as
disciplined capital allocation, including promising investments
such as Speed Fibre."
Peter McCarthy, CEO of Speed Fibre, added:
" Cordiant Digital Infrastructure Limited is an ideal partner
for Speed Fibre, bringing a combination of capital support and
expertise to drive the business forward. In this industry, having
an investor with a long-term perspective is key and, as a team, it
gives us the comfort to be able to invest to support our future
growth ."
Analyst Call
The Investment Manager will host a remote presentation for
analysts at 11.00 a.m. BST today. For those wishing to log in to
the analyst call, please contact Ali AlQahtani at Celicourt via
CDI@celicourt.uk .
For further information, please visit
www.cordiantdigitaltrust.com or contact:
+44 (0) 20 7201
Cordiant Capital Inc. 7546
Investment Manager
Stephen Foss, Managing Director
+44 (0) 1481
Aztec Financial Services (Guernsey) Limited 749700
Company Secretary and Administrator
Chris Copperwaite / Laura Dunning
+44 (0) 20 7597
Investec Bank plc 4000
Joint Corporate Broker
Tom Skinner (Corporate Broking)
Lucy Lewis / Denis Flanagan (Corporate
Finance)
+44 (0) 20 7029
Jefferies International Limited 8000
Joint Corporate Broker
Stuart Klein / Gaudi Le Roux
+44 (0) 20 7770
Celicourt 6424
Financial Communications Advisor
Philip Dennis / Felicity Winkles / Ali
AlQahtani
About CORD
Cordiant Digital Infrastructure Limited 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 GBP795 million in
equity, along with a further EUR200m through a Eurobond with four
European institutions; deploying the proceeds into four
acquisitions: CRA; Hudson Interxchange; Emitel and Speed Fibre
Group, 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, includes Enet and Magnet Plus. Further details about
Speed Fibre can be found on its website at
www.speedfibregroup.ie
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. In total, Enet
manages or owns 5,400km of fibre. The concession to run the MANs
lasts until March 2030.
Magnet Plus operates the country's largest independent
connectivity network. It provides connectivity for some of the
world's biggest technology companies, as well as
telecommunications, data connectivity, and security services to
both commercial and residential markets in Ireland, throughout
Europe, the US and beyond.
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END
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