Category Archive: News

  1. Fibre 31 Financial closing – Haute-Garonne FTTH in France

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    Paris / Luxembourg, 10/07/2018 – Today Fibre 31 and Haute-Garonne Numérique celebrated the signature of the 25-year Public Service Concession agreement for the design, build, finance, marketing, operation and maintenance of an FTTH network across the entire Haute-Garonne area that reached financial close on July 3rd.

    The fibre optic network will be rolled out in about 280 000 households, public institutions and companies by 2022.

    For the closing of the transaction a total of EUR298 million of bank debt and sponsors’ equity were provided and will be supplemented by public contributions. Total project investment of Fibre 31 over the duration of the Public Service concession is estimated to reach about EUR516 million.

    Sponsors of Fibre 31 are Altitude Infrastructure THD (50%), Caisse des Dépôts Group (25%) and Marguerite (25%). The project is financed by a pool of seven lending banks : Société Générale, BNP Paribas, La Banque Postale, Crédit Foncier de France, Arkea Banque Entreprises et Institutionnels, Caisse d’Epargne de Normandie and Caisse d’Epargne de Midi-Pyrénées.

    In this transaction the sponsors were advised by Bird & Bird (legal), H3P (financial) and Forex Finance (hedging); lenders were advised by Orrick Rambaud Martel (legal), Mott MacDonald (technical), Gras Savoye (insurance) and KPMG (modelling).

  2. New connections for the 2018 summer season at the 14 Fraport Greece airports

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    New connections for the 2018 summer season at the 14 Fraport Greece airports

    21% increase in passenger traffic compared to May 2017 – More routes, more options for all – New connections from London, Birmingham, Glasgow, Newcastle, Belfast, Edinburgh, Berlin, Dusseldorf, Nuremberg, Zurich, Hamburg, Dresden, Erfurt, Munster.

    This summer season Fraport Greece welcomes at its 14 airports many new flights, a result of its cooperation with airlines and the high-level collaboration with the Hellenic Slot Coordinator. The ongoing construction works aimed at revamping the 14 airports have been planned in such a way not affecting the Summer 18 schedule which reflects an optimized slot allocation process enabling airlines to fly at their requested times.

    This season’s first inaugural flight was made by Qatar Airways in March with the new Doha-Thessaloniki connection, followed by many other inaugurate new routes from EU countries to the 14 airports. During May, Jet2.com, British Airways and Germania also inaugurated new routes starting the summer season dynamically.

    On May 5th Fraport Greece welcomed three new routes by Jet2.com linking:

    • Thessaloniki – London (Stansted)
    • Kefalonia – London (Stansted)
    • Zakyhtnos – Birmingham

    Jet2.com this summer will also introduce the following new destinations:

    • Thessaloniki – Birmingham, Glasgow, Newcastle
    • Rhodes – Belfast
    • Kos – Edinburgh & Birmingham
    • Kefalonia – Glasgow

    British Airways inaugurated its flight from London (Heathrow) to Kefalonia on May 15. This route enables passengers from all over the world and especially from North America and Canada to reach – more effortlessly than ever before through the British Airways network – the beautiful Ionian sea island.

    Corfu airport welcomed the Germania inaugural flight from Zurich on May 22, with the airline investing not just at this route but to even more connections from Germany and Switzerland. This summer the following destinations will also be served by Germania:

    • Corfu: from Berlin, Nurnberg
    • Kos: from Berlin, Düsseldorf, Nürnberg and Zurich
    • Rhodes: from Berlin, Düsseldorf and Zurich
    • Samos: from Hamburg, Berlin and Zurich
    • Thessaloniki: from Dresden, Erfourt, Munster and Nürnburg
    • Zakynthos: from Dusseldorf and Zurich
    • Mytilene: from Dusseldorf

    End of May saw Mykonos welcoming Qatar Airways’ inaugural flight, which connects for the first time Doha with the cosmopolitan island of the Aegean, marking the close and fruitful collaboration developed by Fraport Greece and Qatar Airways.

    In total the 14 airports that Fraport Greece manages and operate are attracting even more airlines both from intra and extra schengen, adding both new as well as an increasing the number of existing routes. At the same time Aegean, easyJet, Eurowings, Fly Dubai, Lauda Motion, Lufthansa, Primera Air, Qatar Airways, Ryanair, SAS, Small Planet, Thomas Cook/ Condor, Transavia, Travel Service, TUI Group, Volotea, Wizz Air are some of the airlines extending their operations to the shoulder months leading to the increase of the tourist season.

  3. IRIDEOS continues to consolidate the cloud and datacenter market in Italy: acquisition of Enter srl

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    PRESS RELEASE

     IRIDEOS continues to consolidate the cloud and datacenter market in Italy: acquisition of Enter srl

    Milan, June 6th, 2018 – IRIDEOS, the new Italian ICT provider for Businesses and Public Administration, has acquired Enter srl, an Italian provider operating since 1996 in the telecommunication and datacenter market.

    Enter brings two additional datacenters located in the technological hub of via Caldera, in Milan, further strengthening the position of IRIDEOS at the heart of the Italian Internet; an innovative cloud platform based on Openstack, an open source protocol; an international network with presence in the main PoPs in Madrid, Paris, Frankfurt, Amsterdam, Brussels, London, Stockholm, New York and Hong Kong.

    “With this new acquisition”, says Mauro Maia, CEO of IRIDEOS, “our growth path continues, focused on strengthening our assets and skills in the Italian ICT space. A wider portfolio of services is now available for our Customers, with new Cloud solutions and international connectivity. “

    IRIDEOS aggregates and consolidates the assets and skills of four Italian operators focused on business customers: Infracom, KPNQwest Italia, MC-link and BiG TLC, and now Enter.

    The IRIDEOS technological platform now integrates 12 data centers, in Milan, Rome, Trento and Verona, all connected with proprietary optical fiber. In IRIDEOS data centers, companies can host their IT architectures and take advantage of advanced cloud platforms, enjoying direct and privileged access to the Italian data network, thanks to the largest Italian private Internet Exchange (Avalon) and a fiber network of over 15,000km along the main motorways.

    The closing of the operation is subject to the satisfaction of certain conditions precedent, including the approval by the Presidency of the Italian Council of Ministers.

    The selling parts were assisted by PwC Corporate Finance as financial advisor and by PwC TLS as legal advisor.

    IRIDEOS was assisted by the financial advisor Cassiopea Partners, by the legal advisor Giliberti, Triscornia & Associati and by KPMG for accounting and financial purposes.

  4. Marguerite II and FIEE complete investment in City Green Light

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    Marguerite II and FIEE complete investment in City Green Light

    Major energy efficiency investment of approximately €100 million in support of the development of City Green Light:

    • Marguerite II invested circa €40 million
    • Fondo Italiano per l’Efficienza Energetica (FIEE) increased its investment in the company to over €58 million
    • The deal is one of the largest in public lighting energy efficiency in Europe

     Rome/Arcugnano (Vicenza), Luxembourg – 28 May 2018 – Following the investment by Fondo Italiano per l’Efficienza Energetica (FIEE) – the first Italian equity fund entirely dedicated to investing in projects in the energy efficiency sector – on 6 February 2018, Marguerite (through its second pan-European equity fund Marguerite II) invested in City Green Light to further support the development of the company and its investment plan. The deal, one of the largest in the public lighting energy efficiency sector in Europe, involves:

    • an increase of FIEE’s investment from €33.1 million to over €58 million, drawing in part on additional financial resources committed by FIEE’s existing institutional investors; and
    • an investment by Marguerite II of approximately €40 million.

    City Green Light is the leading Italian private operator in the public lighting sector to which Gemmo S.p.A. contributed its public lighting business unit last December.

    The company currently manages circa 400,000 light points in various Italian municipalities in northern, central and southern Italy (including Parma, Lecce, Venice, Pisa, Ravenna, Varese, Viterbo, Olbia and Avellino).

    The additional capital raised will be used to sustain the further development of energy-efficient public lighting by City Green Light, with the goal of more than doubling the number of light points managed to over 900,000.

    The LED technologies used by the company allow energy savings of more than 50%. City Green Light has also participated in important tenders that, if successful, will lead to additional growth.

    Following the full subscription of the capital increases, FIEE (directly and through co-investment vehicles open to institutional investors already invested in FIEE) will hold c. 57% of City Green Light, Marguerite c. 39% and Gemmo the remainder.

    The Chairman of FIEE’s Board of Directors, Raffaele Mellone, stated: “We are very pleased to announce the closing of this important investment just three months after taking a position in City Green Light. We are equally proud that we have played a role in securing an investment in one of the best Italian companies in the energy-efficiency sector by a top-tier European investor such as Marguerite, which we hope will continue to partner with us on new interesting investment opportunities.

    William Pierson, Partner at Marguerite added: “We are very pleased to team up with FIEE and Gemmo and look forward to working with them on this exceptional project.”

    The FIEE Fund, which held its final closing in December 2017, raising a total of €166 million, and above its original goal of €150 million, is currently invested in Plangreen 2E S.r.l. (lighting for large retail stores) and Selettra (public lighting), in addition to City Green Light. The Fund is actively working on various additional energy-efficiency initiatives, in particular in co-generation and energy services, as well as in energy solutions for apartment buildings.

    The deal represents the first investment in the energy efficiency sector of Marguerite, following the recent closing of Marguerite II in December 2017.

    FIEE and Marguerite were assisted by the Studio Lombardi Segni e Associati and the Milan based team of Ashurst (legal advisors), Pricewaterhousecoopers (accounting and tax advisor), Sinloc and Alberto Soresini (technical advisors).

    Gemmo was assisted by Long Term Partners (financial advisor) and by Withers (legal advisor).

  5. Infrastructure investor Marguerite II joins the EllaLink submarine cable as financial sponsor

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    Luxembourg and Madrid, Spain – 7th May , 2018 –  Marguerite II, a pan-European equity fund active in the renewables, energy, transport and digital infrastructure sectors, has signed an agreement to join the ElLalink submarine cable system as new sponsor to help develop the project.

    The EllaLink system, providing telecoms connectivity between Spain, Portugal and Brazil, will be ready for service in 2020 and will enable low latency, data privacy and high capacity transmission for a broad range of customers between the major financial and population centres of Europe, South America and the Caribbean. Linking Data Centres in Madrid, Lisbon, Fortaleza and São Paulo, EllaLink will provide express subsea connectivity between Europe and Latin America, and offer the first ever direct fibre pairs between the two continents.

    Nicolás Merigó, CEO of Marguerite stated: “The EllaLink project is a great fit with Marguerite’s strategy of seeking out differentiating investment opportunities in capital-intensive infrastructure assets. Submarine cables are at the core of today’s Telecommunication infrastructure and we see tremendous long term growth for this industry. In EulaLink, we have found a world class partner, with an impressive track record in developing submarine cables and we are looking forward to supporting the development of the EllaLink system”.

    Alfonso Gajate, Chairman of EulaLink, declared “We are delighted to have found in Marguerite an investor with the vision and financial strength to support our ambitions. With them, we share the view that EllaLink is a key telecommunications infrastructure project for enabling communications between Brazil, its neighboring countries and Europe with the unique value proposition of offering a diverse, direct, secure and cost effective alternative to internet traffic between the two continents”.

  6. The Marguerite Fund acquires a stake in 14 Greek Regional Airports

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    Luxembourg, 05/01/2018 – The Marguerite Fund announced that it has acquired a 10% stake in Fraport Greece, the owner and operator of 14 regional airports in Greece. The stake was sold by Slentel, a company of the Copelouzos Group, which remains a minority shareholder in the company alongside Fraport AG.

    This transaction, closed in December 2017, marks the 20th and final investment of the Marguerite Fund that is now fully invested. Fraport Greece represents an attractive opportunity in a portfolio of airports which will invest approximately €400 million to improve and expand the airports’ infrastructure by 2021.

    On November 30th 2017 a successor fund, Marguerite II, was launched with a capacity to invest over EUR 700m in infrastructure-intensive projects across the EU and pre-accession countries.

    Nicolás Merigó, CEO of Marguerite, declared: “After our initial investment in airports in 2013 with Zagreb Airport, we are very pleased to add to our portfolio these landmark assets. We look forward to working with Fraport, the Copelouzos Group and the other stakeholders for the development of Fraport Greece.

  7. Marguerite successfully finances first Swedish renewables deal

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    Luxembourg, December 14, 2017 – On December 12, 2017 the Marguerite Fund raised EUR 29.25 million of 15-year non-recourse debt from NORD/LB for the build-out of its all-equity acquisition on June 15, 2017 from Element Power and Kraftö Vind of the 46.8MW Grimsås onshore wind project in Sweden.

    Construction of the wind farm is under way according to plan with foundations currently being installed by civil contractor, Svevia. Thirteen 3.6MW-130m wind turbines are set to be erected by Siemens Gamesa starting in spring 2018. The project will connect to the local distribution grids of E.ON and Vattenfall.

    A 12.5-year PPA for the project was signed in June. In December a 10.5-year EPA was signed with NEAS Energy. These two long-term off-take contracts provide downside protection and cash flow visibility for the project thus enabling to raise non-recourse debt on attractive terms while allowing the Marguerite Fund to retain upside on future commodity prices.

    Marguerite was advised by Watson Farley & Williams and Setterwalls on the debt raise while NORD/LB was advised by DLA Piper, Mott MacDonald, Deloitte and Marsh.

  8. Investment in the Pedemontana-Veneta motorway project

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    Melbourne, Luxembourg, December 5, 2017 – The Marguerite Fund and Westbourne Capital are pleased to announce their financing support for the Pedemontana – Veneta project by way of an investment of EUR 40 million and EUR 225 million, respectively, in the EUR 350 million subordinated bonds issued by Superstrada Pedemontana Veneta S.p.A.

    On November 29 the Pedemontana-Veneta toll road project in the Veneto Region of Italy reached financial close. The project, which is being developed by the SIS consortium comprising Fininc and Sacyr, includes total planned investment of EUR 2,566 million and will be part funded with the proceeds of a successful EUR 1,571 million bond issue.

    The bond issue is one of the largest in Europe for a greenfield project and comprises two tranches:

    • EUR 1,221 million of senior bonds, due June 30, 2047, with a 5% coupon payable on a semi-annual basis.
    • EUR 350 million of subordinated bonds, due June 30, 2027, with an 8% coupon payable on a semi-annual basis.

    The Marguerite Fund invested EUR 40 million and funds managed by Westbourne Capital invested EUR 225 million in the subordinated bonds.

    A strategic asset

    The Pedemontana-Veneta dual carriageway greenfield motorway is one of the largest infrastructure projects under construction in Italy. The concession company, Superstrada Pedemontana Veneta S.p.A., is in charge of the design, construction, financing, operation and maintenance of the toll road for a period of 39 years. The motorway will be tolled with the Veneto Region guaranteeing minimum revenue through an availability based payment mechanism to the concession company.

    The project was included in the first program of the strategic infrastructures of national importance (1° programma delle infrastrutture strategiche) issued by the Italian government’s Interministerial Committee for Economic Planning. It involves the construction of a 162 km motorway section comprising a 94 km long main axis and 68 km of secondary / access roads intended to improve connections to 34 municipalities and the industrial areas of Vicenza and Treviso as well as reduce traffic congestion on the local, regional and national roads along the route. The road will have two tunnels: Malo Tunnel (6 km) and S. Urbano Tunnel (1.5 km) and eight viaducts, and connect to the existing A4, A27 and A31 motorways.

    Michael Dedieu, Managing Director and Partner at Marguerite, declared: ‘We are very pleased to have contributed to the success of one of the largest financings for a TEN-T greenfield project in Europe alongside Westbourne Capital and other institutional investors’. 

    David Ridley, Managing Director of Westbourne Capital, remarked: ‘The Pedemontana-Veneta motorway has utilised an innovative financing solution to ensure the project is fully funded. Westbourne Capital was pleased to support the development of this strategically important piece of infrastructure for the Veneto Region.’ 

  9. Europe’s leading National Promotional Banks and European Investment Bank launch Marguerite II, a successor fund to the 2020 European Fund for Energy, Climate Change and Infrastructure

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    Luxembourg 30/11/2017 – Europe’s leading National Promotional Banks and European Investment Bank are pleased to announce

    The launch of Marguerite II, a pan-European infrastructure fund with total commitments in excess of EUR 700m; ensuring continued support to key infrastructure investments in renewables, energy, transport and digital infrastructure by the Marguerite platform.

    Marguerite II, launched today, will continue the important work of the 2020 European Fund for Energy, Climate Change and Infrastructure (also known as the Marguerite Fund). Like its predecessor, Marguerite II is as a pan-European equity fund which aims to act as a catalyst for new (“greenfield”) and expansion to existing (“brownfield”) infrastructure investments in renewables, energy, transport and digital infrastructure. These investments serve to implement key EU policies in the areas of climate change, energy security, digital agenda and trans-European networks. It will have a capacity to invest over EUR 700m in infrastructure-intensive projects across the EU and pre-accession countries. Marguerite II has a 10-year fund life (with 2 possible 1-year extensions) and is intended to be fully invested in 5 years.

    Unique partnership of public banks and EU support to harness new investment

    The European Investment Bank will provide EUR 200m, of which EUR 100m are guaranteed by the European Fund for Strategic Investments (EFSI), alongside EUR 100m each from five National Promotional Banks.

    The five national public finance institutions acting as lead investors are Polish Bank Gospodarstwa Krajowego (BGK), the French Caisse des Dépôts Group (CDC), the Italian Cassa depositi e prestiti (CDP), the German Kreditanstalt für Wiederaufbau (KfW) and the Spanish Instituto de Crédito Oficial (ICO).

    Sector challenges

    Marguerite II will fund similar investments, with a continued focus on greenfield investments, enabling the launch of new infrastructure projects in line with the objectives of the Investment Plan for Europe and the European Fund for Strategic Investments (EFSI). These include cutting carbon emissions by financing energy efficiency improvements and renewable energy expansion, increased access to high-speed fibre internet, improved transport connections and strengthened energy security. Moreover, it will support green and innovative projects which contribute to the transition towards a low-carbon economy in line with the Investment Plan objectives and the COP 21 targets.

    Builds on proven success that helped unlock EUR 10 billion transformational investment

    The Marguerite II fund launched today follows the successful investment strategy of the Marguerite Fund.

    The Marguerite Fund is now fully invested and has accomplished its initial targets, having committed over EUR 700m equity and quasi-equity capital to 20 investments in 12 member states, across all target sectors, acting as a catalyst for projects with an aggregate size of over EUR 10 billion. The Marguerite Fund backed projects including offshore wind farms in Belgium and Germany, onshore wind farms in Sweden, solar power plants in France, biomass plants in Portugal, an Energy from Waste plant in Poland, transport infrastructure in Croatia, Ireland, Italy and Spain, digital infrastructure projects in France and Italy, and support to gas transmission and storage assets in Latvia.

    Nicolás Merigó, CEO and Partner at Marguerite, declared: “We are very pleased to launch Marguerite II with the backing of BGK, CDC, CDP, EIB, ICO, and KfW. We welcome BGK as a new lead investor in Marguerite II and are proud to announce the expansion of the Marguerite platform to continue building key infrastructure as part of the Investment Plan for Europe.”

  10. The Marguerite Fund sells a portfolio of 5 assets to Pantheon

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    Luxembourg 30 November 2017 – Marguerite is pleased to announce the sale of a portfolio of renewable and concession-based assets by the Marguerite Fund to Pantheon (“Pantheon”).

    The assets comprise interests in two offshore wind farms (Butendiek in Germany and C-Power in Belgium), a Spanish shadow toll road (Autovía del Arlanzón) and two French solar PV plants (Toul-Rosières 2 and Massangis 1), as highlighted below:

    Screen Shot 2017-11-29 at 16.45.03

    The acquisition was made via Marguerite Pantheon SCSp, an investment vehicle wholly owned by a pool of funds and managed accounts run by Pantheon, a global private markets fund investor. This vehicle will be managed by Marguerite.

    The transaction enabled Pantheon to acquire what it assessed to be a mature, stable and well diversified portfolio of renewable and concession-based assets across diversified jurisdictions, sectors and technologies in Europe. All assets are fully operational and are currently generating predictable stable cash distributions, underpinned by robust regulatory regimes, feed-in-tariffs, and/or contracted revenues with strong creditworthy counterparties.

    Nicolás Merigó, Partner and Chief Executive Officer of Marguerite, declared:

    “The Marguerite Fund is now fully invested. It has accomplished its initial targets, having committed over EUR 700m capital to 20 greenfield and brownfield/expansion investments, across EU and all target sectors, and successfully exiting five of its first investments through the sale to Pantheon.”

    Andrea Echberg, Partner and Head of European Infrastructure and Real Assets at Pantheon commented:

    “We are delighted to have had the opportunity to acquire for our clients a portfolio of, in our view, highly attractive core infrastructure assets that are currently generating strong yield. We have enjoyed working with and look forward to a collaborative, ongoing relationship with the Marguerite team.”

    The transaction was signed during August 2017, since which all conditions have been satisfied and completion of the transaction is scheduled for 13 December 2017.

    The Marguerite Fund and Marguerite were advised by Macquarie Capital (exclusive financial adviser), Kirkland & Ellis and Clifford Chance LLP (legal), and KPMG (vendor due diligence – financial and tax).

    Pantheon was advised by Hogan Lovells (legal), Ernst & Young (tax, structuring and commercial) and PWC (commercial)

  11. F2i and Marguerite acquire control of KPNQWEST Italia

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    FOLLOWING THE RECENT TAKEOVER OF INFRACOM and MC-Link, THE GROWTH STRATEGY IN THE SECTOR OF TLC SERVICES FOR BUSINESSES, BASED ON FIBRE OPTICS NETWORKS AND DATA CENTRE INFRASTRUCTURES, CONTINUES

    Milan, 27 September 2017. F2i and Marguerite have reached an agreement for the purchase of 90% of the capital of KPNQWEST Italia (“KPNQWEST”) from the entrepreneur Marco Fiorentino.

    KPNQWEST supplies thousands of Italian firms with fibre optics connectivity, data centres and cloud computing services with very high reliability and performance. Those services are supplied by means of four proprietary data centres, located at the Caldera “Fibre Hub” in Milan, and a national broadband access network.

    In 2016 KPNQWEST reported a turnover of about 20 million euro, an industrial margin (EBITDA) of 2.8 million euro and a positive net financial position.

    The acquisition will be completed through 2i Fiber S.p.A. (“2i Fiber”), 80% owned by the Second F2i Fund and 20% by Marguerite, the joint vehicle that already owns 94.1% of Infracom Italia S.p.A. (“Infracom”) and is about to finalise the purchase of over 90% of the capital of MC-Link S.p.A. (“MC-Link”).

    With the purchase of KPNQWEST, F2i and Marguerite continue the expansion of their presence in the Italian telecom sectorF2i and Marguerite plan to integrate Infracom, MC-Link and KPNQWEST into a single platform, to which other operators working in the fragmented market of telecommunications services aimed at business customers may be further added in the future. The objective is to create a national player with strong managerial skills, financial strength and high levels of efficiency and quality of service.

    The closing of the operation is expected by the end of October 2017 and is subject to the satisfaction of certain conditions precedent, including the approval by the Presidency of the Italian Council of Ministers.

    This investment brings up to 18 the number of companies operating in the 8 sections of the infrastructure sector in which the Funds managed by F2i are currently invested. At the aggregate level and on an annual basis that platform generates a turnover of more than 3.1 billion euro, an industrial margin (ebitda) of about 1.2 billion euro and employs 13 thousand people.

    The transaction is also Marguerite’s eighteenth investment in 12 different EU countries.

    F2i and Marguerite were assisted by the legal advisor Giliberti, Triscornia & Associates. Analysys Mason acted as industrial advisor, while KPMG carried out the accounting and tax due-diligence.

    KPNQWEST and the seller were assisted by Vincenzo Bruni (M&A advisor) and by Bird & Bird (legal consultant).

    (*) F2i, acronym of  Fondi italiani per le infrastrutture, is an Italian asset management company (SGR or Società di Gestione del Risparmio), created in 2007, headed by Chief Executive Officer Renato Ravanelli. F2i is the largest infrastructure fund operating in Italy and is among the principal funds in Europe.  F2i’s first and second fund, i.e. Primo Fondo and Secondo Fondo, have to date received commitments for approximately Euro 3.1 billion, approximately 90% of which are already invested in various of domestic infrastructure sectors (airports, gas distribution, water services, renewable energy, telecommunications, waste-to-energy, logical networks, social infrastructure, highways, logistics).

    (**) The 2020 European Fund for Energy, Climate Change and Infrastructure (“Marguerite”) was established with the backing of the European Commission and six of Europe’s leading public financial institutions (Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, European Investment Bank, Instituto de Crédito Oficial, KfW, and PKO Bank Polski) to make capital-intensive infrastructure investments within the EU. The Marguerite Fund is advised by Marguerite Adviser S.A., an independent advisory company (www.marguerite.com).

  12. F2i and Marguerite acquire control of MC-link

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    FOLLOWING THE RECENT ACQUISITION OF INFRACOM, THE ANNOUNCED STRATEGY OF GROWTH MATERIALIZES IN THE MARKET SECTOR OF TLC SERVICES FOR BUSINESS WHICH UTILISE FIBRE-OPTIC NETWORKS AND DATA CENTRES INFRASTRUCTURE

    Milan, 31 July 2017. F2i and Marguerite have reached an agreement with a group of investors for the purchase of 89.81% of the capital of MC-link S.p.A., at an amount of 50.5 million euro.

    MC-link, an operator on the Italian ICT services market with registered office in Trento and operational headquarters in Rome, closed the year 2016 with turnover of 43.5 million euro, a business margin (ebitda) of 9.1 million euro and a net financial position of approximately 17.5 million euro.

    The transaction shall be completed through 2i Fiber S.p.A., a company that already owns 94.1% of Infracom S.p.A. and which is 80% held by the F2i Second Fund, with the other 20% belonging to Marguerite.

    The major infrastructure assets of MC-link include an extensive fibre-optic network measuring approximately 2,200 km, 7 MAN (Metropolitan Area Networks) and four data centres, two of them in Rome, one in Milan (in the Via Caldera business park) and one in Trento.

    Following the acquisition of Infracom, completed on 27 July, F2i and Marguerite have further increased their presence in Italy’s telecom sectorF2i and Marguerite plan to combine MC-link and Infracom on a single platform to which other operators active in the fragmented market of telecommunications services for businesses will be added. The goal is to bring into being a national player possessing strong managerial skills and know-how, financial solidity and adequate levels of efficiency and quality for the market for web-access services provided using MPLS technology and value-added cloud services.

    The operation is scheduled to be closed in the second half of the month of September and it is subject to the happening of some suspensive conditions including the approval by the Italian Presidency of the Council of Ministers. MC-link is a company listed on Italy’s AIM – Alternative Investment Market. Following completion of the acquisition, an obligatory takeover will go into effect for purchase of the minority holdings.

    With this purchase, the funds of F2i are currently invested in 17 companies operating in the infrastructure sector, in 8 different sub-compartments. In annual aggregate terms, this platform generates over 3.1 billion euro in turnover and 1.2 billion euro in business margin (ebitda) while employing 13 thousand workers.

    The transaction also represents Marguerite’s sixteenth investment in 12 different countries of the EU, confirming its extensive presence in Europe.

    F2i and Marguerite were supported by financial advisor Cassiopea Partners and legal advisors Giliberti, Triscornia & Associatesi, while business consulting was handled by Analysys Mason and accounting and tax affairs were assigned to KPMG.

    The financial advisor to the seller was Plus Value Consulting, while Valli Manuso & Associati, GOP, Studio Grimaldi and Studio Gullotta acted as legal advisors.

    (*) F2i, acronym of  Fondi italiani per le infrastrutture, is an Italian asset management company (SGR or Società di Gestione del Risparmio), created in 2007, headed by Chief Executive Officer Renato Ravanelli. F2i is the largest infrastructure fund operating in Italy and is among the principal funds in Europe.  F2i’s first and second fund, i.e. Primo Fondo and Secondo Fondo, have to date received commitments for approximately Euro 3.1 billion, approximately 90% of which are already invested in various of domestic infrastructure sectors (airports, gas distribution, water services, renewable energy, telecommunications, waste-to-energy, logical networks, social infrastructure, highways, logistics).

    (**) The 2020 European Fund for Energy, Climate Change and Infrastructure (“Marguerite”) was established with the backing of the European Commission and six of Europe’s leading public financial institutions (Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, European Investment Bank, Instituto de Crédito Oficial, KfW, and PKO Bank Polski) to make capital-intensive infrastructure investments within the EU. The Marguerite Fund is advised by Marguerite Adviser S.A., an independent advisory company (www.marguerite.com).