3i Infrastructure has sold its controlling stake in Wireless Infrastructure Group (WIG), a U.K.-based telecom tower operator, to Brookfield Infrastructure, the firm announced Thursday.
Earlier this month, i3 Infrastructure said it was considering the disposal of its 93 percent share, which is valued at £387 million ($506 million), according to the firm. In September, it was valued at £291 million ($380 million).
WIG builds and operates communication towers in rural and suburban areas, along with fiber-based networks, to improve mobile coverage in large buildings and on city streets. The company has more than 2,000 telecom towers, which comprise 7 percent of the U.K. market.
3i Infrastructure appointed investment bank Greenhill to find a buyer for WIG, which received a number of unsolicited approaches regarding a takeover, according to Sky News.
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