Benoit Hanssen, CEO of the WindTre-Eqt joint venture
Windtre, Eqt acquires 60% of the network
EQT Infrastructure has signed an agreement to acquire a 60% stake in the newly formed company that will own and operate the mobile and fixed network of Italian telecommunications operator Windtre. The transaction takes place on the basis of an enterprise value of 3.4 billion euros. The acquiring fund communicates it in a note. Windtre’s current owner, CK Hutchison, will remain a joint investor with EQT Infrastructure and will own a stake in the 40% in the Company.
Following the spin-off from the Italian telecommunications operator WindTre, the Company will control and manage the largest mobile network in the country and a portfolio of assets, including radio masts, base stations, carrier network and associated contracts. The Company will be the first independent access network in Europe primarily focused on mobile telephony and dedicated to the provision of wholesale services to mobile operators through its state-of-the-art network, which at the end of 2022 already covered about 67% of Italy with 5G reception.
EQT Infrastructure will leverage experience in developing digital infrastructure companies to support the Company’s strategy. This will mainly consist in the development of the network and the offer of services of the Societywhile pursuing additional growth opportunities in areas such as fixed wireless access, the IoT and private networks.
“EQT Infrastructure is excited to partner with CK Hutchison and Company management on this transaction. We have worked closely with CK Hutchison to develop this groundbreaking telecommunications transaction. EQT strongly believes in the strategic logic of separating the infrastructures and services of mobile operators and we consider this investment as a model for future operations with operators in other European markets”. This was stated by Francesco Malvezzi, Managing Director and Head of Italy of the advisory team Of EQT Infrastructure.
“The acquisition confirms EQT’s commitment to expand its presence in Italy and to continually seek quality investment opportunities in the country,” he added. Malvezzi.
The transaction is subject to customary regulatory approvals and is expected to close within six to nine months. Benoit Hanssen has been indicated as Chief Executive Officer of the company that arises from the spin-off of the Windtre network. “We are thrilled to partner with EQT Infrastructure to lead the development of one of the leading independent players in networks of multi-tenant radio access globally. We are proud to be the first operator in Europe to have engineered such an innovative transaction, in collaboration with an experienced and renowned investment firm,” said Hanssen.
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