Tag Archives: infrastructure

CVC DIF agrees to acquire premier US student transportation operator ASTP from Access Holdings

  • ASTP safely transports over 90,000 students every school year across the Northeast and Midwest US through its diversified fleet of 2,300+ vehicles
  • The partnership with CVC DIF will allow ASTP to expand its services to a larger number of school districts, enhancing access to education across the K-12 segment

CVC DIF, the infrastructure strategy of leading global private markets manager CVC Capital Partners, is pleased to announce it has agreed to acquire American Student Transportation Partners (“ASTP”), a premier US student transportation operator, from Access Holdings, a private equity firm focused on the lower-middle market. The investment will be made through DIF Infrastructure VII.

Established in 2021, ASTP provides a robust network of contracted student transportation solutions across the Northeast and Midwest United States. Since inception, it has developed into a leading multi-state operator through its contracted route-based model. ASTP has a proven track record, delivering high-quality mission-driven student transportation solutions to over 50 school districts and providing access to education through safe and reliable transportation programs. ASTP serves school districts and its communities through an owned fleet of over 2,300 technology-enabled school buses and passenger vans.

In partnership with CVC DIF, ASTP will leverage its strong foundations to continue delivering operational and service excellence to the communities in its existing markets, as well as expanding into other US markets to deliver reliable transportation to new regions.

“The partnership with ASTP and the management team represents CVC DIF’s commitment to investing in infrastructure that is essential to the communities that they serve. We recognize the importance of safe, reliable and sustainable school transportation in shaping strong educational outcomes, and value the opportunity to partner with the experienced team at ASTP” said Gijs Voskuyl, Managing Partner and Head of CVC DIF. “Furthermore, we believe this investment aligns seamlessly with DIF Infrastructure VII’s strategy of investing in high quality infrastructure investments that provide stable long-term cash flows with attractive risk-adjusted returns.”

Quotes

The partnership with ASTP and the management team represents CVC DIF’s commitment to investing in infrastructure that is essential to the communities that they serve.

Gijs VoskuylManaging Partner and Head of CVC DIF

“Over the past four years, our partnerships and dedicated team has helped us grow from a small, regional operator into a national modern leader,” said ASTP Chief Executive Officer Tod Eskra. “We look forward to continuing our growth journey with CVC DIF, knowing we are supported by a leading infrastructure investor with a thoughtful strategy.”

BMO Capital Markets Corp. served as exclusive financial advisor to CVC DIF in connection with the transaction.

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CVC DIF to acquire SBA Communications’ Canadian tower business, a leading wireless tower infrastructure platform in Canada

CVC Capital Partners
  • Established in 2009, SBA Communications’ Canadian tower business represents one of the largest independent wireless tower portfolios in Canada
  • Long-term contracted tower portfolio, strategically located across key urban, suburban and rural markets

CVC DIF, the dedicated infrastructure investment strategy of global private markets manager CVC, today announced it has signed a definitive agreement to acquire SBA Communications’ Canadian wireless tower business (“SBA Canada”), a leading independent owner and operator of wireless communications towers across Canada. The transaction is expected to close during the fourth quarter of 2025, subject to customary regulatory approvals and closing conditions. The investment in SBA Canada will be made through DIF Infrastructure VIII.

Established in 2009, SBA Canada represents one of the largest independent wireless tower portfolios in Canada, owning and operating a diversified portfolio of approximately 500 owned and managed wireless communication sites strategically located across high-growth urban, suburban and rural markets. The Company’s portfolio is underpinned by long-term contracts featuring escalation mechanisms and long-duration site control. SBA Canada plays a prominent role in supporting the expansion of next generation 5G and broadband networks for Canadian mobile network operators and connectivity providers.

Tom Goossens, Partner and Co-Head of the DIF Infrastructure fund strategy at CVC DIF, commented: “The acquisition of SBA Canada represents a significant investment in critical digital mobile tower infrastructure. SBA Canada’s diversified high-quality tower portfolio, long-term customer relationships and proven development capabilities make it a valuable addition to CVC DIF’s fund portfolio. We look forward to supporting the Company’s continued growth and helping to accelerate connectivity across Canada.”

Brendan Cavanagh, Chief Executive Officer of SBA Communications, added: “This transaction aligns with our long-term strategic goal of focusing on our core markets, while realizing substantial value for this unique set of assets in Canada and allowing us to reinvest proceeds for the benefit of our shareholders.”

CVC DIF is advised by TD Securities (financial advisor), Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (legal advisor), EY-Parthenon (commercial advisor), Leo Berwick (financial and tax advisor), Saras Partners (technical advisor) and Arcadis (environmental advisor).

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CommScope to Sell its Connectivity and Cable Solutions Segment to Amphenol Corporation for $10.5 billion

Carlyle

CommScope (NASDAQ: COMM), a global leader in network connectivity, announced today it has entered into a definitive agreement to sell its Connectivity and Cable Solutions (CCS) segment to Amphenol Corporation (NYSE: APH).

CommScope (the “Company”) is selling its CCS business to Amphenol for approximately USD $10.5 billion in cash, to be paid by Amphenol upon closing. The sale is expected to close within the first half of 2026, subject to customary closing conditions, including receipt of applicable regulatory approvals and the affirmative vote of the shareholders. The vote is required under Delaware law due to the nature and size of the transaction.

The Company expects net proceeds after taxes and transaction expenses to be approximately $10 billion. After repaying all debt, redeeming all preferred equity, which is held by global investment firm Carlyle (NASDAQ: CG), and adding modest leverage on the remaining business, the Company will have significant excess cash. The Company expects to distribute this excess cash to shareholders as a dividend within 60 to 90 days following the closing of the proposed transaction. The exact amount and timing of the dividend will be determined by the Company after closing and after taking into account all relevant factors.

“I’m excited to announce this transformational deal that unlocks equity value, returns cash to our shareholders and strengthens our remaining businesses,” said Chuck Treadway, CEO, CommScope. “ANS and RUCKUS will continue to stay focused on what matters most—our shareholders, customers, employees and other stakeholders. In our ANS and RUCKUS businesses, we will continue to develop the next generation of network connectivity. CommScope’s CCS business is positioned to continue to perform well under Amphenol’s leadership.”

The release will be followed by a 4:30 p.m. Eastern conference call in which management will discuss the transaction and second quarter 2025 results.

The live, listen-only audio of the call will be available through a link on the Events and Presentations page of CommScope’s Investor Relations website.

The webcast replay will be archived on CommScope’s website for a limited time following the conference call.

Advisors

Evercore is acting as financial advisor to CommScope. Alston & Bird LLP are acting as legal advisors to CommScope.

—END—

 

CommScope and the CommScope logo are registered trademarks of CommScope and/or its affiliates in the U.S. and other countries. For additional trademark information see https://www.commscope.com/trademarks. All other product names, trademarks and registered trademarks are property of their respective owners.

 

About CommScope 

CommScope (NASDAQ: COMM) is pushing the boundaries of technology to create the world’s most advanced wired and wireless networks. Our global team of employees, innovators and technologists empower customers to anticipate what’s next and invent what’s possible. Discover more at www.commscope.com.

 

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News Media Contact
Kris Belisle, CommScope
Kris.Belisle@commscope.com

Financial Contact
Massimo DiSabato, CommScope
Massimo.disabato@commscope.com

Carlyle
Brittany Bensaull
+1 (212) 813-4839
brittany.bensaull@carlyle.com 
Additional Information about the Proposed Transaction and Where to Find It

This communication may be deemed solicitation material in respect of the proposed sale of the Company’s CCS business to Amphenol. In connection with the proposed transaction, CommScope will file with the SEC and furnish to CommScope’s stockholders a proxy statement and other relevant documents. This communication does not constitute a solicitation of any vote or approval. Stockholders are urged to read the proxy statement when it becomes available and any other documents to be filed with the SEC in connection with the proposed transaction or incorporated by reference in the proxy statement because they will contain important information about the proposed transaction.

Investors will be able to obtain free of charge the proxy statement and other documents filed with the SEC at the SEC’s website at https://www.sec.gov. In addition, the proxy statement and CommScope’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through CommScope’s website at https://ir.commscope.com/ as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.

The directors, executive officers and certain other members of management and employees of CommScope may be deemed “participants” in the solicitation of proxies from stockholders of CommScope in favor of the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the stockholders of CommScope in connection with the proposed transaction will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. You can find information about the Company’s executive officers and directors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and filed on February 26, 2025 and in its definitive proxy statement filed with the SEC on Schedule 14A on March 24, 2025.

Forward Looking Statements

This communication includes certain statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to future events and financial performance. These forward-looking statements include all statements that are not historical facts, and are generally identified by their use of such terms and phrases as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “potential,” “anticipate,” “should,” “could,” “designed to,” “foreseeable future,” “believe,” “think,” “scheduled,” “outlook,” “target,” “guidance” and similar expressions, although not all forward-looking statements contain such terms. This list of indicative terms and phrases is not intended to be all-inclusive.

These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control, including, without limitation, the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase agreement; the inability to complete the proposed transaction due to the failure to obtain stockholder approval for the proposed transaction or the failure to satisfy other conditions to completion of the proposed transaction, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; risks related to disruption of management’s attention from the Company’s ongoing business operations due to the transaction; the effect of the announcement of the proposed transaction on the Company’s relationships, operating results and business generally; the risk that the proposed transaction will not be consummated in a timely manner; exceeding the expected costs of the transaction; our dependence on customers’ capital spending on data, communication and entertainment equipment, which could be negatively impacted by a regional or global economic downturn, among other factors; the potential impact of higher than normal inflation; concentration of sales among a limited number of customers and channel partners; risks associated with our sales through channel partners; changes to the regulatory environment in which we and our customers operate; changes in technology; industry competition and the ability to retain customers through product innovation, introduction, and marketing; changes in cost and availability of key raw materials, components and commodities and the potential effect on customer pricing and timing of delivery of products to customers; risks related to our ability to implement price increases on our products and services; risks associated with our dependence on a limited number of key suppliers for certain raw materials and components; risks related to the successful execution of CommScope NEXT and other cost saving initiatives; potential difficulties in realigning global manufacturing capacity and capabilities among our global manufacturing facilities or those of our contract manufacturers that may affect our ability to meet customer demands for products; possible future restructuring actions; the risk that our manufacturing operations, including our contract manufacturers on which we rely, encounter capacity, production, quality, financial or other difficulties causing difficulty in meeting customer demands; our substantial indebtedness, including our upcoming maturities and evaluation of capital structure alternatives and restrictive debt covenants; our ability to refinance existing indebtedness prior to its maturity or incur additional indebtedness at acceptable interest rates or at all; our ability to generate cash to service our indebtedness; the ability to recognize the expected benefits of the sales of the OWN segment and DAS business unit and Home business (the Transactions), including the expected financial performance of CommScope following the Transactions; the effect of the Transactions on the ability of CommScope to retain and hire key personnel and maintain relationships with its key business partners and customers, and others with whom it does business, or on its operating results and businesses generally; the response of CommScope’s competitors, creditors and other stakeholders to the Transactions; potential litigation relating to the Transactions; our ability to integrate and fully realize anticipated benefits from prior or future divestitures, acquisitions or equity investments; possible future additional impairment charges for fixed or intangible assets, including goodwill; our ability to attract and retain qualified key employees; labor unrest; product quality or performance issues, including those associated with our suppliers or contract manufacturers, and associated warranty claims; our ability to maintain effective management information technology systems and to successfully implement major systems initiatives; cyber-security incidents, including data security breaches, ransomware or computer viruses; the use of open standards; the long-term impact of climate change; significant international operations exposing us to economic risks like variability in foreign exchange rates and inflation, as well as political and other risks, including the impact of wars, regional conflicts and terrorism; our ability to comply with governmental anti-corruption laws and regulations worldwide; the impact of export and import controls and sanctions worldwide on our supply chain and ability to compete in international markets; changes in the laws and policies in the United States affecting trade, including the risk and uncertainty related to tariffs or potential trade wars and potential changes to laws and policies, that may impact our products and costs; the costs of protecting or defending intellectual property; costs and challenges of compliance with domestic and foreign social and environmental laws; the impact of litigation and similar regulatory proceedings in which we are involved or may become involved, including the costs of such litigation; the scope, duration and impact of disease outbreaks and pandemics, such as COVID-19, on our business, including employees, sites, operations, customers, supply chain logistics and the global economy; our stock price volatility; income tax rate variability and ability to recover amounts recorded as deferred tax assets; and other factors beyond our control. These and other factors are discussed in greater detail in our 2024 Annual Report on Form 10-K and may be updated from time to time in our annual reports, quarterly reports, current reports and other filings we make with the Securities and Exchange Commission. Although the information contained in this press release represents our best judgment as of the date of this release based on information currently available and reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date made. We are not undertaking any duty or obligation to update this information to reflect developments or information obtained after the date of this press release, except to the extent required by law.

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TELUS announces partnership with La Caisse who will acquire a 49.9% interest in newly formed Canadian wireless tower infrastructure operator Terrion for $1.26 billion

LaCaisse
  • Transaction establishes Terrion as Canada’s largest dedicated wireless tower operator enabling wholesale access and co-location in support of national wireless competition in Canada
  • TELUS will retain majority ownership of Terrion as proceeds used to accelerate deleveraging
  • La Caisse brings a combination of international telecom expertise, long-term capital and an active asset management approach to support Terrion’s growth strategy

TELUS Corporation (“TELUS”) today announced that it has entered into a definitive agreement with La Caisse, a global investment group and Canada’s second-largest pension fund, who will acquire a 49.9% equity interest in each of Terrion LP (“Terrion”) and its general partner, Terrion GP Inc., for approximately $1.26 billion. Terrion, a newly created tower operator headquartered in Montreal, will hold passive macro wireless infrastructure assets, commonly known as cell towers, that TELUS is carving out of its business. TELUS will retain full ownership and control of all active network components and security systems, ensuring continued leadership in mobile network coverage, reliability and superiority.  This transaction underscores the company’s progress toward robust and long-term sustainable growth, as the proceeds will be used to accelerate deleveraging. The transaction values Terrion at over $2.5 billion and is expected to reduce TELUS’ net debt by approximately $1.26 billion, or by approximately 0.17x of TELUS’ current net debt-to-EBITDA ratio.

The partnership establishes Terrion as Canada’s largest dedicated wireless tower operator and enables wholesale access and third party co-location in support of national wireless competition in Canada as part of TELUS’ ongoing commitment to bring world leading connectivity to more Canadians.

“This transformative partnership unlocks significant value for TELUS shareholders and enhanced connectivity for our customers. Notably, it accelerates our path toward our target net debt-to-EBITDA ratio of 3.0x by 2027, while supporting Canada’s global leadership in wireless connectivity,” said Darren Entwistle, President and CEO, TELUS. “The establishment of Terrion allows TELUS to focus on our innovative service offerings and next-generation connectivity for the benefit of our customers, while enabling Terrion to specialize in infrastructure development, site management and third-party co-location. Importantly, just as we enable our telecom peers with wholesale access to our mobility network to serve their customers, Terrion will provide an avenue for other wireless carriers to leverage TELUS’ infrastructure on a wholesale basis for the betterment of their mobility businesses. Additionally, this transaction is in line with the federal government’s objectives of enhancing national connectivity and digital infrastructure, exemplifying the type of large-scale development Canada needs to maintain its competitive advantage in the global digital economy. Importantly, I am thrilled to welcome my long-time colleague, Eros “Woody” Spadotto, back to our TELUS family, as he assumes the exciting and important role of CEO of Terrion. Moreover, I extend my sincere appreciation to the dedicated teams at TELUS and La Caisse who worked diligently, innovatively and collaboratively to bring this important initiative to fruition.”

Under the terms of a pre-closing reorganization to be completed by TELUS, Terrion will emerge as Canada’s largest dedicated tower operator, with roughly 3,000 sites across British Columbia, Alberta, Ontario and Quebec. Having a single company focused on tower expansion and developing new industry-wide partnerships will positively impact all wireless providers’ abilities to enhance coverage, capacity and service improvements for Canadians. Terrion will enter into an agreement to lease capacity on the towers to TELUS for an initial period of 8 years, with renewal options thereafter, ensuring seamless access to existing and new towers. TELUS will hold a 50.1% equity interest in Terrion, with La Caisse holding the remaining 49.9%. Aside from existing leases, Terrion will be unlevered at closing. TELUS will consolidate Terrion’s results into its financial statements.

“With this investment, we are partnering with TELUS to establish Canada’s largest dedicated wireless tower operator, an important step in strengthening the country’s digital connectivity and mobile network resilience,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. “La Caisse brings a combination of telecom sector expertise, long-term capital and an active asset management approach to help establish Terrion as a full-fledged player and position it for long-term growth. This landmark transaction complements our existing portfolio of tower companies across the United States, Europe and New Zealand.”

“We are privileged to partner with La Caisse, a preeminent Canadian pension fund with meaningful tower experience and a strong record of execution that shares our commitment to stewardship and to advancing connectivity and prosperity across Canada,” said Eros Woody Spadotto, Chief Executive Officer of Terrion. “With nearly 3,000 sites — including coverage in six of the country’s top seven metropolitan areas — we are proud to become Canada’s leading dedicated tower company. Together, we’re building the digital foundation for a stronger, more connected future — one that’s built for excellence, inspired by partnership and driven by innovation.”

Terrion will deliver high-performance wireless towers and rooftop installations, purpose-built for scalable, multi-tenant use and next-generation technologies that will forge the backbone of Canada’s digital future. Terrion will seamlessly blend cutting-edge tower technology, relentless innovation and sleek design to meet the unique challenges of modern connectivity in urban landscapes and rural environments alike.

The transaction is subject to regulatory approvals and other customary closing conditions, which are expected to be received before the end of Q3, 2025.

Advisors

TELUS has retained TD Securities Inc. as its exclusive financial advisor and Osler, Hoskin & Harcourt LLP and Allen Overy Shearman Sterling LLP as its legal advisors. La Caisse has retained Stikeman Elliott as its legal advisor. National Bank Financial Markets has assisted La Caisse on financing matters.

Forward-Looking Statements

This news release contains forward-looking statements relating to, among other things, future events pertaining to the proposed transaction, including the expected use of proceeds from the proposed transaction, TELUS’ relationship with and control over Terrion, the closing of the proposed transaction on the terms described in this news release, the expected timing of closing of the proposed transaction and the realization of expected benefits to TELUS, its shareholders and Canadian consumers. The terms TELUS, we, us and our refer to TELUS Corporation, and, where the context of the narrative permits or requires, its subsidiaries. Forward-looking statements include any statements that do not refer to historical facts, including statements relating to the proposed transaction. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, predict, seek, should, strive and will. These statements are made pursuant to the “safe harbour” provisions of applicable securities laws in Canada and the United States Private Securities Litigation Reform Act of 1995.

By their nature, forward-looking statements are subject to inherent risks and uncertainties and are based on assumptions, including assumptions about future economic conditions and courses of action. These assumptions may ultimately prove to have been inaccurate and, as a result, our actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements or could cause our current objectives, strategies and intentions to change. There is significant risk that the forward-looking statements will not prove to be accurate.

Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Among the factors that could cause actual results to differ materially include, but are not limited to whether the proposed acquisition or any other transaction will be consummated, the possibility for the proposed transaction not to be completed on the terms and conditions set forth in the definitive agreement, or on the timing, contemplated thereby, and that it may not be completed at all, due to a failure to satisfy, in a timely manner or otherwise, conditions to the closing of the proposed transaction or for other reasons, the possibility that TELUS may not realize any or all of the anticipated benefits from the proposed transaction, as well as the other risk factors as set out in our 2024 annual management’s discussion and analysis and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.ca) and in the United States (on EDGAR at sec.gov). Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.

The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by applicable law, TELUS disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Forward-looking statements are set forth herein for the purpose of giving information about the proposed transaction and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. The completion of the proposed transaction is subject to closing conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The proposed transaction could be modified, restructured or terminated. There can also be no assurance that the benefits expected to result from the proposed transaction will be fully realized.

This cautionary statement qualifies all of the forward-looking statements in this document.

ABOUT TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing more than 157 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring ‘give where we live’ philosophy, TELUS, our team members and retirees have contributed $1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world’s most giving company. We’re always building Canada. For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

ABOUT LA CAISSE

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2024, La Caisse’s net assets totalled CAD 473 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

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Arclight acquires Advanced Power, a leading power infrastructure developer

Arclight

Partnership Projected to Commit $5+ Billion to Power Development Over the Next 5 Years

Investment Enables the Acceleration of North America’s AI and Data Center Growth Through Modern, Sustainable Power Infrastructure

BOSTON, July 24, 2025 /PRNewswire/ — ArcLight Capital Partners (“ArcLight”) today announced the acquisition of Advanced Power, a leading power developer and manager founded in 2000, and an initial $1 billion equity commitment to build new power infrastructure. The partnership has the potential to invest more than $5 billion of equity over the next five years to enable over 20 gigawatts (GW) of new power and the acceleration of North America’s AI and data center infrastructure growth.

Advanced Power
Advanced Power

The investment and partnership creates one of the leading power infrastructure solutions platforms. The partnership is strategically positioned to address the complex growing capacity needs of the power sector and accelerate “time to power” through the deployment of modern, low-carbon power infrastructure. This infrastructure is essential to meeting the growing needs of utilities, data center developers and hyperscalers, while improving grid reliability. The partnership has the potential to help create as many as 80,000 jobs over the next five years, including approximately 10,000 potentially permanent positions.

 

Advanced Power’s existing late-stage power projects across the U.S. include 12+ GWs of conventional and renewable projects and 10+ GWh of energy storage projects, enough to provide reliable, accelerated, large-scale power infrastructure to over 20 large scale, data center campuses. The partnership combines Advanced Power’s significant development expertise, power development track record, and strategic industry relationships with ArcLight’s existing 26 GWs operating power portfolio and electric infrastructure expertise across power, renewables, batteries, transmission, strategic gas and digital power.

With a pipeline of over 20 GWs of identified, advanced, new generation capacity primed for development, ArcLight and Advanced Power’s development portfolio becomes one of the largest in the U.S., offering enough capacity to power 11+ million homes.

“Accelerated access to power infrastructure has become the critical bottleneck to enabling and meeting data center and AI growth goals and electrification needs at federal and state levels. There is an urgent need for new large-scale, sustainable power solutions,” said Angelo Acconcia, Partner at ArcLight. “Together, ArcLight and Advanced Power are well positioned to help address this need and enable strategic solutions to accelerate, deliver and manage large-scale customized power infrastructure and help provide capacity, reliability, affordability and sustainability to the North American power grid.”

“Advanced Power has a long development history and is committed to bringing safe, reliable power infrastructure to communities, while creating value for those associated with our projects,” said Tom Spang, CEO of Advanced Power. “Finding a partner and investor aligned with these core principles was imperative, and ArcLight shares decades of complementary expertise built on strong relationships. These combined resources and deep connections throughout the energy sector enable us to deliver large-scale power solutions to markets, utilities, data center developers, and hyperscalers.”

Since 2001, ArcLight has owned, controlled, or operated over 65 GW of assets and 47,000 miles of electric and gas transmission infrastructure, with over $80 billion of enterprise value. With its deep industry experience and suite of internal operational and technical resources, ArcLight is well positioned to deliver the innovative and customized electric infrastructure solutions required by AI and data center power demand. Today, ArcLight manages the largest private power infrastructure portfolio in North America.

Financial terms of the private transaction were not disclosed. Latham & Watkins LLP is serving as legal counsel to ArcLight. Morgan Stanley & Co. LLC is serving as financial advisor and Sidley Austin LLP as legal advisor to Advanced Power.

About ArcLight
ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001.  ArcLight has owned, controlled or operated over 65 GW of assets and 47,000 miles of electric and gas transmission and storage infrastructure representing $80 billion of enterprise value. ArcLight has a long and proven track record of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission and natural gas transmission and storage infrastructure to support the growing need for power, reliability, security, and sustainability.  ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~2,000-person asset management partner. For more information, please visit www.arclight.com. References to “ArcLight” herein refers to ArcLight Capital Partners, LLC and/or its managed investment vehicles, as the context requires.

About Advanced Power
Advanced Power is a privately-owned developer, manager, and owner of modern power infrastructure. Its experienced team is advancing a sustainable, reliable energy future through deep expertise in project development, financial structuring, and asset management. Advanced Power has successfully developed 6 gigawatts (GWac) of thermal and renewable generation assets in the U.S. and Europe. Today’s development portfolio includes 12+ GW of thermal and renewable projects, and 10+ GWh of energy storage. Founded in 2000, Advanced Power is bringing reliable energy to places that need it and providing economic benefits plus jobs to communities; all while making massive contributions to the reduction of CO2 emissions. Advanced Power has offices in Boston and Houston. For more information, visit www.advanced-power.com.

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KKR Completes Acquisition of Metronet through Joint Venture, Accelerating Fiber Expansion Across the U.S.

KKR

NEW YORK–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced the completion of the previously announced acquisition of Metronet, one of the largest and fastest-growing independent fiber-to-the-home providers in the United States, through a joint venture with T-Mobile, a leading telecommunications company with the largest 5G network. The transaction brings together Metronet’s broadband infrastructure, rapidly growing residential and commercial fiber business operations and existing customers, creating a scaled platform to accelerate fiber deployment across underserved markets.

“Fiber is the connective tissue of the modern economy—from tele‑health and remote learning to AI‑powered enterprises,” said Waldemar Szlezak, Partner and Global Head of Digital Infrastructure at KKR. “For over 15 years, KKR has been a leader in the fiber space, delivering capital and capabilities to the world’s most critical networks. By combining Metronet’s leading build engine with T‑Mobile’s national reach, we can accelerate world‑class connectivity to millions of underserved homes and businesses.”

Metronet is delivering multi-gigabit internet service in more than 300 communities in 19 states, with more communities added each month. More than 2.6 million homes and businesses have access to Metronet fiber, which covers more than 42,000 miles.

The acquisition builds on KKR’s integrated digital infrastructure franchise. KKR has committed $31 billion of equity into digital infrastructure and over $20 billion into power and renewables. This includes supporting five data‑center platforms across U.S., APAC, and EMEA with over 155 facilities and 9 GW of pipeline. KKR’s digital infrastructure portfolio also includes 12 fiber investments across ~30 million homes passed in the U.S., Europe, and Latin America, with ~4 million new homes passed with fiber infrastructure per year, as well as total 130,000+ wireless infrastructure sites across Europe and APAC.

As part of the closing of the transaction, Metronet will now become a wholesale internet services provider, with T-Mobile Fiber as its partner for residential service. T-Mobile Fiber has acquired Metronet’s residential customers and will have responsibility for residential customer acquisition, support, and the customer experience. Metronet will continue to build new fiber-optic network infrastructure, maintain its existing network, and install service for new customers. Under the joint venture, Metronet has retained its commercial-services business.

“Metronet has built the industry’s most efficient fiber‑construction engine, bringing world‑class digital infrastructure to underserved communities at an unprecedented pace,” said Dave Heimbach, Chief Executive Officer of Metronet. “With KKR and T‑Mobile, we have best‑in‑class strategic partners committed to taking our growth to the next level.”

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKRs website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Metronet

Metronet, the nation’s fastest-growing fiber-to-the-home builder, is now owned by a joint venture of T-Mobile, America’s 5G leader, and KKR, the global investment firm. The company operates its 100% fiber optic networks on a commercial and wholesale basis, with T-Mobile Fiber providing marketing, sales and the customer experience for residential users. In cities across the country, Metronet has been building and operating fiber networks since 2005. Today, more than 2.6 million homes and businesses in more than 300 communities across 19 states have access to Metronet fiber, with new communities added each month. More information on the company can be found at metronet.com.

 

Contacts

Media Contacts
Liidia Liuksila
212-750-8300
media@KKR.com

Scott Shapiro
media@metronet.com

 

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Ardian increases stake in Heathrow to 32.6%

Ardian

This statement should be read in conjunction with Ferrovial and Ardian’s statements issued on February 26th 2025.

•    Ardian has completed the acquisition of an additional 10% stake in Heathrow Airport allowing Ferrovial, La Caisse (previously CDPQ) and USS to exit their final minority stakes. This acquisition increases Ardian’s stake to 32.6%.
•    Ardian will continue to support Heathrow and its management to deliver sustainable growth and expand the “UK’s Gateway to Growth”. This in turn will support the UK Government’s Plan for Change.
•    Heathrow has shown consistent demand, breaking passenger records for the months of January, April and May so far this year. These results further support the need for a UK hub airport that has the capacity to ensure sustainable trade, business and passenger travel throughout the country and across the world.
•    Acquisition is further evidence of the growing strength and reach of Ardian’s Infrastructure practice as it seeks new investments around the world

Ardian, a world-leading investment firm, today announces that it has completed the acquisition of an additional 10 per cent stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Ferrovial SE and other TopCo shareholders, La Caisse (previously CDPQ) and USS (the Transaction).
Ardian is the largest shareholder in Heathrow, having previously completed the acquisition of a 22.6% stake in TopCo on 12th December 2024.

“This additional investment highlights the confidence we have in the future of Heathrow, Europe’s leading airport, and Ardian’s broader commitment to essential infrastructure as an asset class. Since we became the largest shareholder of Heathrow in December 2024, we have worked with our fellow shareholders, the management team and the UK authorities to ensure Heathrow provides the best service possible for passen-gers and airlines.
As the airport continues to serve an increasing number of passengers and global trade, we look forward to working with all stakeholders to deliver sustainable growth for the airport, fostering economic benefits across the country.
This investment is a further sign of our commitment to supporting the UK’s economic growth ambitions, combined with a net zero trajectory.  We are very pleased to have joined the discussion with HM Government at the UK France summit this week.” Mathias Burghardt, Executive Vice President, CEO of Ardian France and Head of Infrastructure, Ardian

“There remains strong and increasing demand for aviation which is underpinning the growth at Heathrow. This includes growing passenger demand, and the importance of cargo where Heathrow is already the UK’s biggest port by value. We are delighted the Government has recognized the importance of Heathrow and set out its ambition to see the airport expand. Our experience shows us Heathrow can grow sustainably, and we are ready to support the airport as it pursues expansion alongside the UK Government.” Juan Angoitia, Co-Head of Infrastructure Europe and Senior Managing Director, Ardian

Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian was an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media contacts

ARDIAN

Liz Morley

liz.morley@5654.co.uk+44(0)7798683108

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Tabreed and CVC DIF to acquire Abu Dhabi’s PAL Cooling from Multiply Group

CVC Capital Partners
  • Existing portfolio includes eight long-term concessions currently serviced by five, state-of-the-art district cooling plants
  • Significant growth potential, with expected operational connected load of approx. 600,000 refrigeration tons

CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world’s leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group.

The transaction, with an equity value of approximately AED 3.8 billion, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT.

PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi’s Department of Energy.

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Ardian Clean Energy Evergreen Fund (ACEEF) expands its footprint in Italy with the acquisition of a portfolio of 117 solar plants

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Ardian

ACEEF acquired a 100% stake in a 116MW portfolio comprising 117 solar plants in operation located across multiple Italian Regions
• The portfolio enhances technology diversification of the existing ACEEF Italian platform with state-of-the-art revamped solar asset still benefiting from attractive feed in tariffs
• The seller is E2E, an Italian company active in the renewable energy sector led by entrepreneur Gianluca Lancellotti

Ardian, a world-leading private investment firm, announces that it has acquired a portfolio of 117 solar PV plants in operation, with a total capacity of 116 MW, located in several Italian regions and benefitting from feed in tariffs (Conto Energia tariffs).

The solar assets have more than 10 years of strong operating track record and many of them have been recently repowered and revamped with Tier 1 technology, delivering improved operational performance, reliability and uplift the installed capacity of the portfolio.

This transaction is fully aligned with ACEEF’s strategy focused on highly contracted (through incentive tariffs or long-term PPAs)brownfield renewable assets, with a balanced and diversified portfolio of generation capacity and offer highly visible opportunities to enhance capacity thanks to the strategic location of the assets across Italy.

This acquisition further strengthens ACEEF’s Italian fleet, which now holds ca.  400MW of wind, solar, hydro and biogas asset in operation and more than 400MW of asset under development, consistently with Ardian value creation strategy.
InEnergy, ACEEF Italian platform managing all renewable energy assets of the Fund in Italy will provide asset management and development services to the portfolio with its 50+ Team of experienced professionals.

”E2E has been active for a decade in the acquisition, optimization, and management of primarily incentivized photovoltaic assets. Over the past nine years, we have consolidated portfolios totaling more than 300 MW. This transaction marks the successful completion of a journey that began three years ago with the acquisition of the initial assets in this portfolio and continued through the implementation of our value creation strategy, including the revamping and repowering of the plants. In the last 12 months, we worked closely with Ardian to further enhance the operational efficiency of the portfolio, achieving an average annual revenue exceeding €630,000 per MW for the incentivized plants. This sale will enable us to consolidate new portfolios and continue advancing our mission. Collaborating with Ardian on this deal has been an excellent experience, and we look forward to continuing our partnership in the future—working together toward an energy transition grounded in tangible, immediate impact.” Gianluca Lancellotti, Founder and General Manager, E2E

“This acquisition is consistent with ACEEF strategy to consolidate renewable asset in the Italian market. The E2E asset will complement our existing wind and hydro portfolio adding further geographic and technological diversification. Thanks to ACEEF evergreen structure we can deploy long-term value creation plan, through repowering, hybridization and greenfield development. Under ACEEF control we intend to further improve the performance of the portfolio, thanks to our digital tool OPTA and our unique position in the market, and expand the portfolio with additional growth, leveraging on the industrial capabilities of our Italian platform InEnergy. We are pleased to begin our long lasting partnership with E2E.” Federico Gotti Tedeschi, Managing Director Infrastructure, Ardian

ACEEF is Infrastructure’s first open-ended clean energy fund, which was launched in early 2022 and whose fundraising reached €1.0bn at the closing in July 2023. The fund offers professional investors the opportunity to enhance their exposure to renewable assets and the energy transition. The fund commits to make investments with an environmental objective as described in Article 9 fund of the EU Sustainable Finance Disclosure Regulation (SFDR) and invests globally, with a focus on Europe.

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian has been a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds at Ardian, the team manages more than 8GW of thermal and renewable energy capacity in Europe and the Americas.

List of participants

  • Ardian

    • M&A: Vitale and InEnergy
    • Legal: Legance
    • Technical: EOS
    • Accounting and Tax: PWC

  • E2E

    • M&A: L&B Partners SpA
    • Legal: L&B Partners Avvocati Associati
    • Tax: Torresi

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT E2E

E2E S.p.A. is a leading Italian operator in the photovoltaic sector, specializing in the acquisition of medium-sized photovoltaic plants and their subsequent technical management and optimization. Founded in 2016 by Gianluca Lancellotti, who brings over 25 years of experience in the energy sector, E2E has achieved outstanding results. As of today, the company has acquired more than 350 photovoltaic plants with a total installed capacity exceeding 300 MW, completing over 230 acquisitions and investing approximately €1bn.

E2E-Power.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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TINC successfully completes capital increase of 113 million EUR

GIMV

Manu Vandenbulcke, CEO, and Filip Audenaert, CFO
“We are pleased with the result of this rights issue and like to thank our existing and new shareholders for their support and trust. With this fourth capital raising since the IPO in 2015, TINC has raised in total circa EUR 500 million on Euronext Brussels. Once again we will use these extra funds to invest in future oriented infrastructure and shape our ambition to double the investment portfolio.” – Manu Vandenbulcke, CEO TINC and Filip Audenaert, CFO TINC

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