DIF Infrastructure, through DIF Core Infrastructure Fund I (DIF CIF I), and Infravia have completed the sale of Infravia’s 55 percent stake in the French fiber company ADTIM.
ADTIM operates a wholesale telecom network in the Ardèche and Drôme departments under a 25-year concession awarded in 2008, which is fully operational since 2011. In December 2016, ADTIM, together with its partners Axione, Bouygues E&S and Caisse des Dépôts et Consignations, were awarded the Fiber to the Home (FttH) concession in the region. This second project plans to realize 310,000 FttH connections in association with the public local authority Syndicat mixte ADN as part of France’s 2012 Ultra-Fast Broadband Plan, the nationwide plan to implement ultra-fast Internet connections across the country by 2022.
Infravia and DIF CIF I had reached an agreement on the transaction in June 2017.
DIF is an independent and specialist fund management company, managing funds of approximately €4.6 billion ($5.4 billion) across seven closed-ended investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.
DIF CIF I targets small to mid-sized infrastructure assets in the telecommunication infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia. The fund recently reached its final close at €450 million ($531 million). DIF’s other funds target PPP/PFI/P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.
