DigitalBridge completes purchase of Syn and Nova passive infrastructure

News Wireless Iceland 15 DEC 2021
DigitalBridge completes purchase of Syn and Nova passive infrastructure

DigitalBridge Group said it has completed the acquisition of the telecom tower portfolios of Icelandic mobile network operators Syn and Nova to form a new company called IslandsTurnar. It has appointed Joakim Reynisson as CEO of the new firm. He had previously been CTO at Nova for more than a decade.

DigitalBridge said IslandsTurnar is the first independent tower business of scale in Iceland with national coverage to support the MNOs as they deploy 5G. Nova and Vodafone Iceland parent company Syn wil be long-term, dual-anchor tenants on all of the company’s towers and the transaction includes a material BTS programme.

DigitalBridge CEO Marc Ganzi said that Iceland has a stable, attractive and digitally advanced telecom market. The investment advances DigitalBridge’s expanding presence in the Nordic region, as the firm acquired Finland-based Digita, an independent tower operator with a national portfolio of sites, in 2018.

Oakley Advisory acted as a financial advisor, Kvika acted as debt arranger and Linklaters acted as legal counsel to DigitalBridge throughout the transaction.

DigitalBridge said the financial terms of the transaction were not disclosed. Syn said the final purchase price was ISK 6.94 billion, slightly lower than previously announced, mainly due to slight decrease in the number of sites. Syn said and the transaction covers nearly 200 sites.

Categories:

Mobile

Companies:

DigitalBridge,  Vodafone Iceland,  Nova,  Digita

Countries:

Iceland

Tags:

Network equipment, M&A buyouts & divestments

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