Proximus Group successfully sells its mobile tower infrastructure in Luxembourg to InfraRed Capital Partners for EUR 108 million
Proximus Group has signed a binding agreement with InfraRed Capital Partners (InfraRed) to sell 100% of the shares of Proximus Luxembourg Infrastructure (PLI) for a total consideration of EUR 108 million (including cash on the balance sheet) to InfraRed's European Infrastructure Income Fund 4 (EIIF4). PLI is the first independent TowerCo entity in Luxembourg and manages 267 mobile tower assets. The agreement marks another important milestone in Proximus Group's divestment strategy aiming at optimizing its asset base to reinvest in ongoing transformative projects.
InfraRed is a leading global infrastructure asset manager with over 25 years of experience investing across a range of essential infrastructure assets. The firm has completed more than 300 transactions worldwide, including notable investments in digital infrastructure such as telecom towers, data centers and fiber networks. InfraRed is committed to long-term partnerships and its strong asset management team has significant experience in actively managing critical infrastructure.
Service continuity assured through long-term partnership
Proximus Luxembourg, operating under the Tango and Proximus NXT brands, will remain an anchor tenant on the respective sites. A long-term master service agreement will ensure continued access to the infrastructure for Proximus Luxembourg, guaranteeing uninterrupted mobile services and consistent network coverage for Tango and Proximus NXT customers.
InfraRed intends to support the further growth of PLI as the leading independent telecommunications infrastructure business in Luxembourg. The experienced management team of the company will remain on board, leveraging their deep understanding of the Luxembourg market and exploring opportunities to further grow the tower portfolio in response to customer requirements and evolving demands.
This transaction aligns with InfraRed's EIIF4 strategy of investing in European core infrastructure assets with stable, long-term revenue streams and opportunities for further development, including in this case optimization of the mobile tower sites. InfraRed's extensive expertise in digital infrastructure investments will contribute to the continuity and reliability of the tower operations, supporting critical telecom services across Luxembourg.
Over 50% of Proximus Group's divestment ambition for 2027 covered
The sale of the mobile tower infrastructure in Luxembourg contributes to the Proximus Group's broader ambition of unlocking value from non-core assets to fund its strategic priorities. Following this transaction, more than half of Proximus' EUR 500 million divestment target by 2027 is now covered.
The proceeds from the sale will support investments in critical growth areas, such as its fiber roll-out strategy, aiming to deliver high-speed connectivity to households and businesses.
The closing of this transaction is expected to occur in the first quarter of 2025, subject to regulatory approvals.
This agreement represents another milestone in our bold2025 strategy to unlock value through asset divestments. By partnering with InfraRed Capital Partners, we ensure the long-term stability and operational continuity of our mobile infrastructure in Luxembourg, while freeing up resources to support transformative growth projects like our fiber roll-out strategy. This partnership provides a solid foundation for continued high-quality services for our customers in the years to come.
