PE Deals

Cordiant Digital Infrastructure agrees to acquire Speed Fibre

Speed Fibre is an open access fibre infrastructure provider.

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  • Speed Fibre will be the fourth digital infra platform acquired by Cord
  • Cord, a subsidiary of Cordiant Capital, primarily invests in the core infrastructure of the digital economy
  • Cordiant Capital is an investor in digital infra, agriculture supply chains and energy transition infra

Cordiant Digital Infrastructure (Cord), a subsidiary of Cordiant Capital, has entered an agreement to acquire the entire issued share capital of Speed Fibre, an open access fibre infrastructure provider, from the Irish Infrastructure Fund.

The total enterprise value is €190.5 million.

Speed Fibre is based in Dublin, Ireland. The company operates 5,400km of owned and leased fibre and wireless backhaul across Ireland. It generated revenues of around €80 million and EBITDA of around €23 million in 2022.

Speed Fibre in December had outstanding gross debt of around €111 million that matures in 2029. It is provided by three bank lenders, all of whom have committed to support the company under Cord’s ownership.

The equity consideration of €97 million will be funded by €68 million in cash and €29 million through a vendor loan note with an initial interest rate of 6 percent and a maturity of four years, according to a release.

“We expect to drive organic growth from existing customer traffic on its current network plus invest growth capex in new strategic fibre projects around Ireland and beyond,” said Steven Marshall, chairman of Digital Infrastructure at Cordiant Capital.

Speed Fibre will be the fourth digital infrastructure platform acquired by Cord since its launch in 2021.

The transaction, subject to regulatory approvals in Ireland and the UK, is expected to close later this year.

Cordiant Digital Infrastructure primarily invests in the core infrastructure of the digital economy.

Cordiant Capital is a Montreal, Quebec-based investor in digital infrastructure, agriculture supply chains and energy transition infrastructure.

Irish Infrastructure Fund is managed by AMP Capital Investors.