Cordiant Digital Infrastructure (CORD) has announced that it has received regulatory approval for the acquisition of Emitel, expected to be completed mid—November 2022. Emitel is the second large, diversified digital infrastructure platform acquired by CORD, purchased for PLM 1920m (c.£360m). The completion of the transaction will mean a full utilisation of CORD’s Eurobond facility of €200m announced in June 2022, €80m of which was conditional on the closing of the acquisition.
Emitel has shown consistent year-over-year growth with a stable business model and high revenue and cash flow visibility. Emitel’s broadcast revenue contracts have a weighted average duration of 8 years, while its mobile contracts average 13 years for anchor tenants. Approximately 75% of Emitel’s revenues have either full or partial CPI inflation linkages. Over the full financial year to December 2021, Emitel delivered revenues of PLN 486 million and EBITDA of PLN 319 million.
Shonaid Jemmett-Page, Chairman of Cordiant Digital Infrastructure Limited, said:
“The completion of the acquisition of Emitel will be a further strategic milestone for CORD. It is a significant acquisition of a profitable and diversified platform in a market where data consumption growth is among the most robust in Europe. CORD has constructed a high-quality portfolio, with predictable revenues and cash-flows supported by long tenure contracts and a blue-chip client base. This aligns with the Company’s Buy, Build & Grow strategy and offers the potential to generate additional value and further attractive returns to shareholders.”