Tag Archives: infrastructure

EQT Infrastructure enters into a Scheme Implementation Agreement with Metlifecare

eqt

  • Asia Pacific Village Group Limited (“APVG”), an entity owned by EQT Infrastructure IV fund and managed by EQT Fund Management S.à r.l. (“EQT Infrastructure IV”) has entered into a Scheme Implementation Agreement (“SIA”) with Metlifecare, to acquire 100% of Metlifecare shares by way of a scheme of arrangement (“Scheme”), subject to certain conditions.
  • Transaction consideration of NZ$7.00 per share (“Offer Price”), giving a total consideration of approximately NZ$1.5 billion (“Consideration”).
  • Offer Price represents a premium of 38% to Metlifecare’s closing share price of NZ$5.08 per share on 19 November 2019, the closing price prior to the announcement of EQT Infrastructure IV initial indicative non-binding offer, and represents a 1.0x P / NTA[1].
  • APVG has entered into a voting deed with Metlifecare’s largest shareholder, New Zealand Superannuation Fund Nominees Limited (“NZSF”), which holds 19.86% of Metlifecare’s shares.
  • Certain other Metlifecare shareholders collectively representing approximately 22% of the register have indicated to EQT Infrastructure IV their current intention to vote in favor of the Scheme, in the absence of a superior proposal.

Auckland, New Zealand. APVG, an entity owned by EQT Infrastructure IV has entered into a Scheme Implementation Agreement (“SIA”) with Metlifecare, to acquire 100% of Metlifecare shares by way of a scheme of arrangement (“Scheme”), subject to certain conditions.

APVG has entered into a voting deed with Metlifecare’s largest shareholder, New Zealand Superannuation Fund Nominees Limited (“NZSF”), which holds 19.86% of Metlifecare’s shares.  Under the voting deed NZSF has agreed, among other things, to vote in favour of the Scheme subject to certain terms and conditions.  A copy of that voting deed has been released to the market through the substantial product holder notice issued by APVG and EQT Infrastructure IV.

In addition, Metlifecare shareholders collectively representing approximately 22% of the register have indicated to EQT Infrastructure IV their current intention to vote in favour of the Scheme, in the absence of a superior proposal.

Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.

EQT is a differentiated global investment organization that invests in good companies across the world with a mission to help them develop into great and sustainable companies. By providing access to ownership skills and operational expertise, EQT helps acquired companies grow and prosper. Development and growth are at the core of the value creation, with digitalization and sustainability being key future-proofing drivers. Portfolio companies owned by the funds of EQT have, on average, increased sales by 12%, the number of employees by 10% and profitability by 11% per annum during the funds’ ownership.

Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure IV, said: “We are delighted about the opportunity to partner with Metlifecare and are fully committed to supporting Metlifecare and its management team to embark on this exciting journey to develop and operate high-quality retirement villages and continue to provide the exceptional care to New Zealanders which Metlifecare is known for.”

EQT Infrastructure IV will be funding the Consideration and has total committed capital of EUR 9 billion.

The transaction will be implemented by a scheme of arrangement, a court-supervised process under which a meeting of shareholders will be held to vote on the transaction.

Scheme Implementation Agreement

The Scheme is subject to customary conditions including shareholder approval, High Court approval and Overseas Investment Office consent and no Material Adverse Change (as defined in the SIA). It is currently contemplated that the Scheme will be implemented in May 2020.

The Scheme also contains customary exclusivity provisions in favour of APVG, including “no shop, no talk and no due diligence” restrictions. These restrictions are subject to exclusions which permit the Metlifecare Board to engage on a competing proposal which is (or is reasonably capable of becoming) a superior proposal, subject to prior notifications being made to EQT Infrastructure IV and to EQT Infrastructure IV’s right to match any such proposal.

EQT Infrastructure IV is being advised by Goldman Sachs and Bell Gully.

With this transaction, EQT Infrastructure IV is expected to be 55-60 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), subject to shareholder and Court approval.

Contact
International media inquiries: EQT Press Office press@eqtpartners.com +46 8 506 55 334
New Zealand media inquiries: David Lewis david@thompsonlewis.co.nz +64 21 976 119
Australian media inquiries: Jim Kelly jim@domestiqueconsulting.com.au +61 412 549 083

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

EQT has extensive experience and an excellent track record in the healthcare sector and is one of the largest private equity investors in the healthcare sector in Europe with an unparalleled network of advisors within the EQT Network. Some of EQT’s notable investments in the sector include Charleston, a buy-and-build strategy in the German nursing home care market, and I-MED, a leading diagnostic imaging provider in Australia.

More info: www.eqtgroup.com
Follow EQT on Twitter and Linkedin

About Metlifecare
Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.

More info: www.metlifecare.co.nz

[1] Net Tangible Assets (“NTA”) of NZ$6.96 per share as of 30 June 2019.

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KKR to Acquire Significant Stake in Canada’s Coastal GasLink Pipeline Project

KKR

CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)–Dec. 26, 2019– KKR, a leading global investment firm, today announced the signing of a definitive agreement to acquire, alongside Alberta Investment Management Corporation (AIMCo), a 65 percent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project) from TC Energy Corporation.

Coastal GasLink involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of natural gas pipeline and associated facilities. Once completed, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect abundant Western Canadian Sedimentary Basin natural gas supply from the Dawson Creek, B.C. area to the LNG Canada liquefaction and export facility being constructed in Kitimat, B.C. By displacing coal and diesel-fueled generation with cleaner burning natural gas, LNG Canada expects to reduce global GHG emissions by up to 60-90 million tonnes per year, equivalent to 20-40 coal plants being shut down.

All necessary regulatory permits have been received for the Project and construction activities have commenced. Coastal GasLink is backed by 25 year Transportation Service Agreements with the five LNG Canada owners.

“We are excited to partner with TC Energy, a world class infrastructure developer, on this critical project,” said Brandon Freiman, Member and Head of North American Infrastructure at KKR. “Coastal GasLink represents our third investment in infrastructure supporting Canada’s natural gas industry. We believe the export of Canadian natural gas to global markets will deliver significant benefits for the Canadian economy and local communities in Western Canada, and enable meaningful progress toward reducing global emissions.”

KKR is making the investment primarily through a separately managed infrastructure account in partnership with the National Pension Service of Korea (NPS).

HSBC Securities (Canada) Inc. and TD Securities Inc. are serving as financial advisors to KKR, and Osler, Hoskin & Harcourt LLP is acting as KKR’s legal counsel.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About NPS

NPS is a public pension fund in South Korea with assets under management of KRW 714.3 trillion ($620 billion) as at September 30, 2019. Established in 1988, the purpose of the fund is to maximize investment return while maintaining long-term fiscal stability to stabilize and promote public livelihood and welfare in Korea. With a distinct risk-return profile from traditional asset classes, alternative investments portfolio of NPS has contributed to generating sustainable returns for the total portfolio. NPS is headquartered in Korea and has 3 overseas offices in New York, London, and Singapore. For more information about NPS, please visit fund.nps.or.kr.

Source: KKR

Media:
KKR
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

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DIF Capital Partners closes acquisition of Cerro Grande wind farm in Uruguay

DIF

DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the 100% acquisition of the 50 MW Cerro Grande wind farm in Uruguay from Enercon and eab New Energy.

The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by Enercon under a long-term agreement and asset management services continue to be delivered by SEG Heliotec.

Following the recent opening of its Latin American office in Santiago (Chile), this marks DIF’s first investment in Uruguay and fits well within DIF’s mandate as the investment is in an operational wind project with long-term contracted off-take.

Daniel Aninat, Managing Director and head of DIF’s South American operations added: “We are very pleased to acquire our first renewable energy project in South America. The transaction is the result of our strong relationship with Enercon and we believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (financial), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax) and Mazars (model audit). Enercon was advised by Ficus Capital.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Thijs Verburg, Investor Relations & Business Development
Email: t.verburg@dif.eu

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REM – Optimization agreement concluded with NouvLR

Cdpq

  • Mont-Royal tunnel closing postponed
  • No change to REM global schedule
CDPQ Infra, a subsidiary of Caisse de dépôt et placement du Québec, announced today the conclusion of a work optimization agreement with NouvLR, the consortium building the REM. This agreement reinforces the delivery schedule for the overall project while adjusting certain aspects of the work, which continues to move forward at a sustained pace.Accordingly, the closing of the Mont-Royal tunnel will be postponed until March 30, 2020, so that the consortium can improve its preparation for the work to be done on this part of the project. This postponement will not impact the total time the tunnel will be closed or the overall timing for commissioning thanks to an acceleration of work on all branches. It will also remove one winter season from the period during which alternative public transportation measures will be implemented.

In addition, this agreement is an active response to challenges identified during the first 18 months of work, including:

  • Timely access to sites and infrastructure necessary to deliver the project across Greater Montréal, where there are multiple work sites in operation simultaneously.
  • An increase in the pace of all design work carried out by the consortium for the project to be delivered within the planned global schedule.
  • The availability of the labour necessary to deliver the REM in a stressed job market. Over the course of the project, 34,000 positions will be required to execute the REM work.

The work optimization and response to challenges addressed by the agreement result in a 3.6%, or $230 million, adjustment to the REM budget. The project’s total construction cost is now $6.5 billion and maintains returns within the 8-9% range.

Given the priority placed on respecting the overall schedule, execution milestones have also been defined as performance conditions in the agreement concluded with NouvLR, particularly with regard to the Mont-Royal tunnel. The payment of portions of the amounts announced today will thus be conditional to these milestones being achieved. The new agreement therefore follows the principles of rigour and the best value for money applied by CDPQ Infra from the very start of the REM project.

Fare reduction measures

To provide riders of the Deux-Montagnes line with more predictability in the context of the postponement of the Mont-Royal tunnel closing, CDPQ Infra will implement fare reduction measures at the beginning of 2020. Specifically, CDPQ Infra will provide riders with a free monthly fare for January and up to 30% off the cost of monthly TRAIN and TRAM fares from January to March. The total cost for these two measures will be fully incurred by CDPQ Infra.

About CDPQ Infra

CDPQ Infra is a wholly owned subsidiary of Caisse de dépôt et placement du Québec, a long-term institutional investor with CAD326.7 billion in net assets as of June 2019. CDPQ Infra is responsible for the development, funding and operation of large-scale infrastructure projects, including the Réseau express métropolitain (REM). The REM is a new, 67-km integrated public transit network that will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue), the North Shore (Deux-Montagnes) and the airport in a unified, fully automated LRT system.

– 30 –

  • Emmanuelle Rouillard-Moreau
    Advisor, Media Relations
    CDPQ Infra
    514 847-2896
    media@cdpqinfra.com

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DIF Capital Partners and Cinia to build out fiber optic networks in Finland

DIF

DIF Capital Partners (“DIF”), through its DIF Core Infrastructure Fund I (“DIF CIF”) is pleased to announce that it has entered into a joint venture with Cinia Oy (”Cinia”) to build fiber-to-the-home (“FttH”) networks in Finland.

The joint venture (“Adola”) plans to provide over 100,000 FttH connections to public, private and commercial customers with a focus on Finland’s underserved areas and operates under the consumer brand Täyskuitu (please refer to www.tayskuitu.fi for more information). FttH networks are a key element to enable digital development in business and society, and keep up pace with global digitalization developments. The joint venture with Cinia underlines DIF CIF’s key strategic focus to invest in digital infrastructure. The first project is expected to become operational in the first half of 2020.

DIF’s share in Adola amounts to 80.1%. The remaining 19.9% is held by Cinia, a public Finnish telecom infrastructure provider that owns and operates roughly 15,000 km of fiber optic backbone network in Northern Europe, including a high capacity submarine fiber cable to Germany.

“We are pleased to have established a long term co-operation with Cinia for the roll out of fiber in Finland. This is an excellent opportunity for DIF CIF to invest in high quality projects with a strong local partner and to further expand into the fast growing telecom infrastructure sector” comments Willem Jansonius, Head of DIF CIF.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

About Cinia

Cinia provides secure high-availability data network and software solutions. Our operations are based on our solid expertise in modern software development, data network technologies and critical operating environments. Our fiber optic network of roughly 15,000 kilometers, including the C-Lion1 submarine cable, enables the fastest data communications solutions to Central Europe and to markets in Asia and Eastern Europe. By combining our services with services of our partners, we can provide reliable and comprehensive solutions that help our customers write their own digital success stories. More information about Cinia: www.cinia.fi/en

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Partners Group to exit Covage, a leading open-access fiber infrastructure platform in France

Partners Group

Partners Group, the global private markets investment manager, has, on behalf of its clients, entered into exclusive negotiations with a consortium led by Altice, and including Allianz Capital Partners, AXA Investment Managers – Real Assets, acting on behalf of its clients, and OMERS Infrastructure, to sell its 50% stake in Covage (“Covage” or “the Company”). The transaction gives Covage an equity value of EUR 1 billion.

Covage is a leading open-access fiber infrastructure platform with a national footprint across low-, medium-, and high-density areas in France. The Company operates 45 local networks, complemented by a fully-owned national fiber backbone of 9,000 km. Covage’s awarded perimeter includes 2.4 million homes and 21,000 existing connected businesses. Its connections are built and operated under the support of France’s national rural broadband access program, a key social ESG initiative to bridge the digital divide between rural and urban regions.

The sale of Partners Group’s 50% stake in Covage would be the final divestment from Partners Group’s acquisition of Axia NetMedia Corporation, on behalf of its clients, in a public-to-private transaction that resulted in its delisting from the Toronto stock exchange in July 2016. It follows the divestment of the Canadian operations of Axia NetMedia, which were sold to BCE Inc (Bell Canada) in 2018. The sale of Covage is subject to customary regulatory clearances and is expected to take place during the first half of 2020.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, comments: “We are very proud of our contribution to the strong growth Covage has experienced over our holding period. Consistent with our platform expansion strategy, significant capital investments from the shareholders have enabled Covage to deliver a material increase in high bandwidth connectivity nationwide and establish itself as a leading provider in the French communication infrastructure market. Partners Group, through the Covage board, worked with CEO Pascal Rialland and his team to successfully institutionalize the fiber roll-out and commercialization framework of the Company, thus demonstrating the considerable value that can be added through entrepreneurial governance.”

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DIF Capital Partners invests in a portfolio of LNG assets

DIF

DIF Capital Partners, through its DIF Core Infrastructure Fund I (“DIF CIF I”), is pleased to announce that it has signed final documentation alongside ship-owner Geogas Maritime and Access Capital Partners for the acquisition of a 50% stake in a French incorporated company that will own and operate a fleet of five to-be-built LNG carriers. The remaining 50% will be held by Nippon Yusen Kabushiki Kaisha (NYK), a leading Japanese shipping and logistics company.

The five 174,000 cbm vessels will be built by leading South Korean shipyards and equipped with state-of-the-art LNG fuelled propulsion technology, resulting in best-in-class environmental performance. The first ship is expected to become operational in April 2020. All five ships will fly the French flag. The vessels will be chartered to a large French and a large European utility under long-term contracts and will be project financed under a customary French lease structure.

Thomas Vieillescazes, Head of France, said: “This is an excellent opportunity for DIF CIF I to invest in high quality assets and grow DIF’s footprint into the expanding LNG sector alongside strong and experienced counterparties. We’re also very proud to participate in a strategic project for the further development of the French LNG sector”.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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EQT Infrastructure to merge IP-Only and GlobalConnect

eqt

  • EQT Infrastructure to merge IP-Only and GlobalConnect to create a leading Northern European fiber-based datacom provider and supplier of cloud enabling infrastructure
  • The merger strengthens the combined company’s product and service offering in driving digital transformation for both B2B and B2C customers and provides a solid platform for accelerated investments in new technologies and continued fiber rollout
  • EQT Infrastructure is committed to actively supporting the combined company for further growth and expansion in key markets

EQT today announces the intention to combine EQT Infrastructure III and IV (“EQT Infrastructure”) portfolio companies GlobalConnect and IP-Only. The combined entity will be better positioned to serve the growing demand of national and international customers, and the scale of the combined organization will allow strengthened innovation and investment to bring new technologies and solutions faster to the market.

IP-Only owns and operates approximately 16,000 km fiber-based network infrastructure that, together with leased lines, covers 230 out of 290 Swedish municipalities. The company today connects more than 200,000 homes and serves more than 3,000 business customers.

GlobalConnect is the leading alternative fiber-based data communication and data center services provider in Norway, Denmark and Northern Germany. In total, the company owns and operates approximately 42,000 km of fiber-based network and 18,000 sqm of data center space, used to offer a full range of communication infrastructure services including bandwidth connectivity, colocation and cloud infrastructure to a range of businesses. GlobalConnect has around 24,000 business customers and serves around 83,000 private customers in Norway through its Homenet brand.

The intended merger between IP-Only and GlobalConnect will accelerate the two companies’ growth agendas. The combination will create a leading digital infrastructure provider to businesses, public institutions and consumers with comprehensive national and cross-border fiber networks and a unique position in Northern Europe.

In 2018 the two companies had combined revenues of approximately EUR 520 million and employ more than 1,500 people across the Nordics and Northern Germany.

Martin Lippert, CEO of GlobalConnect, will lead the joint organization. Lippert comments: “The vision of merging IP-Only and GlobalConnect is to create a leading provider of digital infrastructure for businesses, public institutions and fiber networks to consumers in the Nordics and Northern Germany, and we will have both the scale and competencies to deliver on that vision. Together, we can rapidly and more vigorously expand our infrastructure and offer the newest products and services to our customers.”

Daniel Perez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, comments: “We are deeply impressed with the development of GlobalConnect since the creation of the Danish-Norwegian group in 2018 and consider a merger between GlobalConnect and IP-Only to be a natural next step in our strategy to build the leading Northern European provider of integrated digital infrastructure.”

Masoud Homayoun, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, concludes: “Based on similar strategic development trajectories and ambitions, we believe that a merger between IP-Only and GlobalConnect will create a combined organization and fiber networks with a compelling position in the region, and EQT will continue to support proactive investments to the benefit of customers and partners.”

The merger is expected to be implemented and a new organizational structure will be designed in the coming months. The two companies will continue to operate as separate entities with separate names and brands until further notice.

Contacts
Masoud Homayoun, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 553 48Daniel Perez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +46 8 506 553 90
EQT Press office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on Twitter and LinkedIn

About IP-Only
IP-Only is a fast-growing independent provider of high capacity fiber-based data communication to consumers and enterprises in Sweden. IP-Only owns and operates high-capacity fiber network infrastructure. Founded in 1999, IP-Only today owns and operates ~16,000 km fiber-based network infrastructure that, together with leased lines, covers 230 out of 290 Swedish municipalities. The Company connects more than 200,000 homes and serves more than 3,000 companies.

IP-Only has more than 600 employees, revenues of SEK 2.0 billion in 2018 and headquarter in Stockholm and Uppsala in Sweden.

More info: www.ip-only.se

About GlobalConnect
GlobalConnect is the leading alternative fiber-based data communication and data center services provider in Norway, Denmark and Northern Germany. In total, the company operates approximately 42,000 km of fiber and 18,000 sqm of data center space, used to offer a full range of communication infrastructure services including bandwidth connectivity, colocation and cloud infrastructure to a range of businesses. GlobalConnect har has 24,000 B2B customers and also serves 83,000 private customers in Norway through its Homenet brand.

GlobalConnect has more than 900 employees, revenues of DKK 2.5 billion in 2018 and headquarter in Taastrup, Denmark and Fornebu, Norway.

More info: www.globalconnect.dk

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DIF Capital Partners closes the acquisition of 100% of energy platform BluEarth Renewables

DIF

DIF Capital Partners, through its most recent fund DIF Infrastructure V (“DIF V”), is pleased to have closed the acquisition of 100% of BluEarth Renewables LP (“BluEarth”) from Ontario Teachers’ Pension Plan (“OTPP”).

BluEarth is a leading, independent, power producer that develops, builds, owns and operates wind, hydro and solar facilities. Since its inception in 2010, BluEarth has developed and acquired 19 hydro, wind and solar projects across North America, representing 405 MW of gross capacity. In addition it has over 1,000 MW of projects under development. Headquartered in Calgary, Alberta, the company has been recognized as one of Alberta’s Top 75 Employers.

“We are very pleased to close this transaction,” said Paul Huebener, Partner and Head of DIF Americas. “BluEarth is an attractive investment that will provide attractive returns and stable cash flows to our investors. As we’ve been working together over the last several months, we also see strong growth potential ahead for BluEarth – particularly in the U.S. market.”

To support the company’s U.S. growth objectives, BluEarth recently established a commercial U.S. office located in Phoenix, Arizona.

DIF V was advised by Baker McKenzie, BMO Capital Markets, Agentis Capital, and KPMG. Financing is provided by BMO, Desjardins, and National Bank.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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CapMan Infra and Telia Company to accelerate roll-out of fibre networks in Finland

CapMan Infra press release
31 October 2019 at 09.00 a.m. EET

CapMan Infra and Telia Company to accelerate roll-out of fibre networks in Finland

CapMan Infra has agreed on a majority investment in a joint venture to be established with Telia Company to invest into and deploy fibre-to-the-home (FTTH) infrastructure in Finland. The joint venture will acquire Telia Finland’s existing Avoin Kuitu fibre assets and will be one of the largest FTTH network owners and operators in Finland.

One of the key goals in the Finnish Government Programme 2019 is promoting the construction of more extensive optical fibre networks throughout Finland to enable better digital infrastructure and fast broadband access across the country. Achieving this goal requires substantial investments and a reliable operator specialising in the fibre market. CapMan Infra and Telia are rising to the challenge by establishing a joint venture to accelerate the roll-out of fibre infrastructure. The joint venture will take over Telia Finland’s Avoin Kuitu existing FTTH business and increase the pace of investments to make fibre available across Finland. The business currently builds and operates fibre assets primarily in Finnish growth centres and surrounding areas, serving around 12 municipalities.

“Reliable and fast network connections are a core foundation for modern society. They improve quality of life by enabling living and working across the country. The efficient implementation of large investment projects is at the core of our team’s expertise, and the new ownership model with Telia allows us to make long-term commitments to roll-out fibre networks across Finland. We are delighted to work with a market-leading operator to establish a stand-alone open access fibre provider,” comments Harri Halonen, Partner at CapMan Infra.

Global trends and consumption patterns are increasingly driving the need for fast and reliable data connections. Video-on-demand, online gaming and the increasing number of connected devices require fast and reliable network connections, which 4G or even 5G networks are unable to guarantee in the long-term, given the exponential increase in the amount of data being transferred.

“I’m really happy that we have come to this agreement with CapMan Infra which fits very well with Telia Company’s strategy of having superior network connectivity while adding to our commercial success through convergence and great customer experience. The network roll-out will play an important role for Finland to maintain its position at the very forefront of digitalization. This new type of structure with a partnership ties well with our ambition of disciplined allocation where we, case by case and market by market, seek a good balance between the risk and reward and potential future technology shifts as well as short versus long-term thinking,” says Stein-Erik Vellan, Senior Vice President, Head of Telia Finland.

The transaction is expected to close in the beginning of 2020 with completion conditional on customary approvals from competition authorities.

CapMan Infra’s investment focus is core and core+ infrastructure assets in the energy, transportation and telecom sectors in the Nordics. CapMan Infra held the first close on its midcap Nordic infrastructure fund in October 2018, and the fund invested in the Norwegian ferry operator Norled earlier this year. The CapMan Infra team comprises 7 investment professionals and operates from Helsinki and Stockholm with a total of 70 years of sector experience. The team has also completed investments on a mandate basis in Nordic infrastructure opportunities.

For further information, please contact:
Harri Halonen, Partner, CapMan Infra, tel. +46 768 71 0062

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg. www.capman.com

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