Cordiant Digital Infrastructure acquires Emitel from Astatine

Cordiant is acquiring the company for an equity consideration of Z1.9bn.

  • Emitel is the largest investment Cordiant has made 
  • Emitel delivered revenues of Z486m and EBITDA of Z319m last year
  • Cordiant said Emitel has shown consistent year-on-year growth

Cordiant Digital Infrastructure announced on Monday that it has received final regulatory approval from the Polish Ministry of the Interior for the acquisition of Emitel from Astatine Investment Partners.

Emitel is a terrestrial TV and radio broadcast infrastructure operator in Poland with headquarters in Warsaw. Cordiant is acquiring the company for an equity consideration of Z1.92 billion ($407 million; €409 million).

The deal is Cordiant’s largest ever. Emitel has shown consistent year-on-year growth, according to Cordiant. In its financial year to December 2021, the company delivered revenues of Z486 million and EBITDA of Z319 million. The transaction represents an enterprise value to the last 12 months’ EBITDA multiple of approximately 9.4x.

“The completion of the acquisition of Emitel will be a further strategic milestone for the company,” said Shonaid Jemmett-Page, chairman of Cordiant. “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. Cordiant 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 and grow strategy and offers the potential to generate additional value and further attractive returns to shareholders.”

Cordiant is a sector-focused investment manager that invests in digital infrastructure. The company, based in Guernsey, invests in global infrastructure and real assets. It runs infrastructure private equity and infrastructure private credit strategies through limited partnership funds.

Astatine is a mid-market private equity firm headquartered in Greenwich, Connecticut that is focused on infrastructure investments. It was founded in 2005 as Alinda Capital Partners.