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Cordiant Digital Infrastructure Ltd on Monday said it has received final regulatory approval for its purchase of Emitel SA from funds managed by Astatine Investment Partners LLC.
The London-based investment firm, which is focused on digital infrastructure assets, expects to complete the acquisition by mid-November following approval from the Polish Ministry of the Interior.
Emitel, a diversified digital infrastructure platform, is the company's largest investment since launch. Cordiant is acquiring Emitel's equity for 1.92zł billion, around £357.8 million.
Cordiant acquired the Polish zloty through a forward buying programme in the first half of the year, it said.
"The completion of the acquisition of Emitel will be a further strategic milestone for the company," said Chair Shonaid Jemmett-Page.
"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."
Following the completion of the Emitel transaction, Cordiant has secured the potential for full utilisation of its eurobond facility of €200 million announced in June 2022, of which €80 million was conditional on the closing of the acquisition.
The eurobond is currently unissued and matures on September 30, 2026. €165 million is in the form of a fixed rate tranche, with a coupon of between 6.0% and 6.3%.
Cordiant Digital also confirmed its dividend guidance. It expects to pay its target of 4.0 pence in respect of the current financial year ending March 31, 2023.
Cordiant shares were trading 3.2% higher at 83.60p each in London on Monday morning.
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