Swedish investment firm EQT Infrastructure is to acquire Delta Comfort, the telecom infrastructure company and supplier of energy in the Dutch province of Zeeland.
With the acquisition of the cable and utility company, Delta will remain an independent operator and not become part of Liberty Global’s Ziggo footprint. Delta serves the Dutch province of Zeeland. The sales process was started in February 2014. The sale includes the cablenet as well as the utilities retail business of Delta.
EQT Infrastructure said it will support Delta Comfort in further strengthening its position as the preferred telecommunication infrastructure access provider for the Zeeland community. A new board of directors will be composed of a highly relevant set of industry leaders from the telecom and energy sectors to support management of Delta Comfort.
The EQT Infrastructure investment strategy has signed definitive transaction documentation to acquire Delta Comfort BV from Delta NV, the municipality and province owned integrated utility company of the Dutch province of Zeeland. The purchase price amounts to €488 million.
Delta Comfort is a telecom infrastructure owner and operator, provider of multimedia services (broadband, TV, telephony) and supplier of energy, serving over 140,000 households and businesses mainly in the Dutch province of Zeeland.
Delta Comfort’s hybrid fibre-coaxial (HFC) network of over 6,000 km passes 192,000 homes, which corresponds to ~90% of the total number of homes in Zeeland. Delta Comfort employs approximately 370 people and generated sales of €214 million in 2015.
The contemplated transaction is subject to customary conditions, such as completion of a works council consultation procedure, approval of the shareholders of Delta NV and the Dutch competition authority Autoriteit Consument & Markt (ACM).
Going forward, the strategy is to further develop the company’s unique multi-utility approach, invest in its network to provide the most advanced solutions to residential and business clients and therefore strengthen its position as the preferred telecommunication infrastructure access provider in Zeeland.
Harko Buringh, CEO of Delta Comfort, said: “We are excited to join EQT Infrastructure, one of the world’s most respected infrastructure funds, with a strong heritage in the telecom sector. They have a growth focused strategy, a responsible and hands-on ownership approach and will provide us with access to an extensive network of industry specialists.”
Matthias Fackler, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said: “We are impressed with Delta Comfort’s superior network infrastructure, unique multi-utility product offering and leading position in Zeeland. We are very enthusiastic about the future of Delta Comfort and the opportunities the EQT industrial investment approach will bring to the Company’s next development phase.”