Proximus Group, the mobile operator active in Belgium and Luxembourg, has signed a binding agreement to sell its fully owned towerco Proximus Luxembourg Infrastructure (PLI) to InfraRed Capital Partners for EUR108mn, the group has announced.
The deal includes the sale of 267 sites, evenly distributed between macro towers and rooftop structures, and including cash on PLI's balance sheet, to InfraRed's European Infrastructure Income Fund 4 (EIIF4).
The Luxembourg-present towerco was carved out from Proximus Luxembourg in end 2023.
Proximus Luxembourg will remain the anchor tenant on the sites and a long-term master service agreement will ensure continued access to the infrastructure for the MNO.
The sale agreement is part of Proximus Group's divestment strategy aimed at optimising its asset base to support investments in critical growth areas, such as its fiber roll-out strategy, aiming to deliver high-speed connectivity to households and businesses.
The sale of the tower assets in Luxembourg contributes to the Proximus Group's broader objective to unlock value from non-core assets to fund its strategic priorities. Following this transaction, more than half of Proximus' EUR 500mn divestment target by 2027 will be achieved.
The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals.
