Cordiant Digital Infrastructure acquires Poland’s Emitel
Cordiant Digital Infrastructure Limited is pleased to announce that the group has entered into binding agreements to acquire a strategic interconnect data centre in New York and a multi-asset digital infrastructure platform in Poland, thereby fully committing all available capital within the Ordinary and C Share classes.
The Company is pleased to announce that it has (via its wholly-owned subsidiary) signed a binding agreement with the shareholder of Emitel S.A to acquire this multi-asset digital infrastructure business for an equity consideration of £352 million. Based in Warsaw, Emitel operates over 500 mobile towers, the national broadcast network, five digital terrestrial networks, a nationwide network of wireless "smart city" sensors serving utilities and a nationwide fibre network traversing tens of thousands of kilometres. The acquisition is subject to regulatory and governmental approvals and financing confirmations at the Emitel level. On completion, the acquisition will be funded through a combination of available cash resources and, if applicable, backstop vendor financing.
Emitel is a national champion, operating network assets across Poland. It is the sole national provider of digital terrestrial television ("DTT"), the leading radio broadcast emissions provider and a leading provider of network neutral towers and fibre infrastructure in Poland and benefits from long-term contracts, averaging 10 years, with escalator clauses. The client base consists largely of blue chip customers. Emitel has a substantial physical footprint of digital distribution assets comprising 521 towers, an IoT network, distributed antenna systems ("DAS") and fibre and terrestrial networks. This creates a platform for growth in a country that has one of the highest data consumption usages in Europe. Emitel is also the owner and operator of critical national television infrastructure, complemented by leading DTT and global media distribution capabilities with c.98% population coverage in Poland, in one of the stronger DTT markets in Europe.
Emitel is the beneficiary of attractive growth prospects in areas such as mobile towers, edge data (where it can also benefit from the experience of CRA), fibre-optic networks and 'smart cities' supported by networks of wireless sensors (including utility services, municipal services and security). Growth opportunities also exist in the rollout of two new MUXs.
Emitel has a strong ESG and sustainability focus, earning a 5 star rating from GRESB, an investor-backed group providing standardised ESG ratings mechanisms. This rating is awarded to only the top 20% of reporting companies globally.