DigitalBridge Group, Inc. (NYSE:DBRG) has entered into a binding agreement to acquire Telenet Newco NV from Telenet Group Holding NV (ENXTBR:TNET) for €745 million on March 25, 2022. As per the terms of the transaction this acquisition was an all-cash transaction valued at €745 million on a cash-free and debt-free basis. The transaction is being funded via a combination of debt and equity financing, including a commitment from the DigitalBridge balance sheet of €458 million. The transaction values Telenet's tower business at 25.1x EV/EBITDA. As of March 31,2021.Telenet Newco NV generated revenue of €61.2 million, Adjusted EBITDA of €55.1 million. The transaction is subject to completion of the Reorganization. The acquisition was funded through $326.1 million of debt, $278.1 million of equity from the Company, and $213.8 million in third party equity. The transaction is expected to close in the second quarter of 2022. Telenet intends to initially retain the net proceeds from the transaction. Allen & Overy LLP acted as legal advisor to Telenet Group Holding NV. Goldman Sachs International acted as Financial advisor to Telenet Group Holding NV. Deloitte acted as due diligence advisor (financial and tax) and PMP acted as commercial advisor to Telenet Group Holding NV. Ravi Purohit, Conrad Andersen, Fiona Maclean and Drew Levin of Latham & Watkins LLP and Stibbe B.V. Cvba acted as legal advisor to DigitalBridge Investments, LLC. PricewaterhouseCoopers Belgium acted as due diligence provider (tax and financial) and EY Parthenon acted as commercial advisor to DigitalBridge Investments, LLC.
DigitalBridge Group, Inc. (NYSE:DBRG) Completed it's acquisition of Telenet Newco NV from Telenet Group Holding NV (ENXTBR:TNET) on June 01, 2022. A third-party investor contributed approximately €193 million, which was used to partially fund the purchase price.