Proximus Luxembourg Infrastructure (PLI) the first independent TowerCo entity in Luxembourg and manages 267 mobile towers
Proximus Group has signed a binding agreement with InfraRed Capital Partners to sell 100% of the shares of Proximus Luxembourg Infrastructure (PLI) for a total of €108 million. The sale will be to InfraRed’s European Infrastructure Income Fund 4 (EIIF4). PLI is the first independent TowerCo entity in Luxembourg and manages 267 mobile towers and associated assets.
Guillaume Boutin, CEO, Proximus Group (pictured), said, “This agreement represents another milestone in our bold2025 strategy to unlock value through asset divestments.” The strategy is intended to “optimise” the operator’s asset base to reinvest in transformative projects.
It is expected that the deal will close in the first quarter of 2025, subject to regulatory approvals.
Service continuity assured
Proximus Luxembourg operates under the Tango and Proximus NXT brands and will be the 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,” according to a press statement.
InfraRed intends to support “the further growth of PLI as the leading independent telecommunications infrastructure business in Luxembourg”. The current management team will remain in place.
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. In this case that includes “optimization” of the mobile tower sites.
More than halfway there
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. After this transaction, Proximus is more than halfway to meeting its €500 million divestment target by 2027.
The proceeds from the sale will support investments in critical growth areas, such as its fibre roll-out, where Belgium is lagging behind most other western European countries.
Stability, operational continuity
Boutin added, “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.”
InfraRed is a global infrastructure asset manager with over 25 years’ experience across essential infrastructure assets. It 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.