
APG Asset Management N.V., Arcus Infrastructure Services, Brookfield Infrastructure Group and Public Sector Pension Investment Board (the Consortium) announce that the current shareholders of TDF (TPG, Ardian, BPI France Investissement and Charterhouse) have agreed to enter into exclusive negotiations with the Consortium for the acquisition of a business comprising primarily the French activities of TDF (de facto, all of TDF's activities excluding the German ones). The Consortiums offer to the shareholders of TDF reflects an enterprise value of approximately 3.6 billion for the activities that are subject to the exclusive negotiations.
TDF provides services and infrastructure to the media, broadcasting and telecommunications sectors in France. The company owns and operates a high quality, national network of infrastructure with more than 6,690 multi-purpose towers and active rooftop sites, as well as 5,000 km of fibre backbone. These essential services drive almost 90% of the current revenues of the business and are supported by long-term contracts and inflation-linked cash flows. The portfolio's growth will be driven by increasing tower deployment by mobile network operators as a result of rising mobile data consumption needs.
The Consortium will be working with the current shareholders of TDF, and the company itself, to seek the necessary authorisations as well as appropriate consultations, in particular with TDF's employee representative bodies, regarding the Consortium's offer, in order to achieve a definitive agreement.
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