3i Infrastructure PLC Completion of further investment in WIG (8673A)
04 January 2018 - 12:37AM
UK Regulatory
TIDM3IN
RNS Number : 8673A
3i Infrastructure PLC
03 January 2018
3i Infrastructure plc completes further investment in Wireless
Infrastructure Group
3 January 2018
3i Infrastructure plc ("3i Infrastructure") has completed its
GBP186m further investment in Wireless Infrastructure Group
("WIG"), increasing its ownership to 91% of WIG's equity, with the
balance held by management. The transaction was announced on 27
December 2017.
To fund the transaction, 3i Infrastructure drew on its Revolving
Credit Facility ("RCF"). Following the acquisition, 3i
Infrastructure held GBP68.0 million in cash, including GBP40.3
million to fund the interim dividend, and the undrawn balance of
its RCF was GBP132.7 million. The RCF was GBP367.3 million drawn,
including GBP51.3 million for letters of credit.
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 7738 345 988
Investor enquiries Email: thomas.fodor@3i.com
Tel: +44 20 7975 3021
Kathryn van der Kroft Email: kathryn.vanderkroft@3i.com
Media enquiries
Notes to editors:
About 3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company, listed on the London Stock Exchange and
regulated by the Jersey Financial Services Commission. The Company
is a long-term investor in infrastructure businesses and assets.
The Company's market focus is on economic infrastructure and
greenfield projects in developed economies, principally in Europe,
investing in operating businesses and projects which generate
long-term yield and capital growth.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and acts as Investment Adviser to 3i Infrastructure
plc.
About WIG
Following its launch in 2006, WIG has invested in over 2,000
assets including communications towers and other wireless
infrastructure across the UK. WIG's higher capacity infrastructure
enables industry leading levels of mobile and other wireless
connectivity.
The Company has an active investment programme covering:
-- new towers in rural areas (where over 50% of WIG's investments have been made to date);
-- new infrastructure to enable better connectivity across the
UK's major road and rail routes; and
-- small cells to improve mobile coverage in buildings and on city streets.
WIG is the UK market leader for the deployment of neutral host
DAS networks needed to deliver mobile signal to large public venues
and is growing its fibre investments to support the deployment of
outdoor small cells.
WIG is also targeting the acquisition and upgrade of
communication towers owned by UK mobile operators. Over 60% of
communication towers globally and over 80% in the US are now
independently operated. Only one third of UK towers are
independently operated and increasing the role of independent
infrastructure can play a vital part in improving mobile
connectivity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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