Luxembourg/Bratislava, 12 December 2023

Marguerite, a pan-European infrastructure investor, has signed an agreement to invest in SWAN, an independent telecommunications operator in Slovakia, via its Marguerite III fund. Closing is expected in Q1 2024 after merger clearance by the Slovak competition authority.

SWAN is a telecommunications operator headquartered in Bratislava (Slovakia) and provides fixed and mobile telecommunications services to corporate and retail customers nationwide. Thanks to strong organic growth and successive mergers, it has developed as the largest alternative telecommunication operator in the country.

Marguerite will acquire a substantial minority stake in SWAN via a capital increase of EUR 50 M – with the option to increase its commitment and stake – to provide SWAN with the necessary funds to implement an ambitious growth plan, notably focusing on deploying and enhancing its infrastructure, including expanding a state-of-the-art 5G network.

Marguerite’s decision to invest in SWAN reflects confidence in the operator’s management team to leverage operational efficiency of its diverse and long-standing customer base and favourable market fundamentals of the Slovak telecommunication sector driven by increasing data connectivity needs amid global digitalisation trends.

Commenting on the investment, Michael Dedieu, Managing Partner at Marguerite, said: “We are delighted to sign another investment in the digital sector through a proprietary transaction and to provide funding to accelerate the company’s development. This strategic investment further illustrates Marguerite’s commitment to supporting the expansion of telecommunication companies using resilient and sustainable technologies, such as 5G and fibre. We look forward to working closely with SWAN’s management and bringing Marguerite’s long-standing expertise in the digital sector to achieve mutual success and contribute to the region’s technological advancement.”

“Entry of the new strategic investor brings fresh energy into the company. It also provides a significant advantage for future development in new technology extensions, like 5G and fiber networks, and enables a path to another wave of market consolidations. SWAN has come a long way and has significantly contributed to the consolidation of the Slovak telecommunications market by acquiring over 20 providers over the past two decades. Thanks to the new partnership, we will be able to continue our well-proofed strategy,” said Roman Vavrík, CEO of SWAN.

Marguerite was advised by Allen&Overy (legal), EY (M&A), Analysys Mason (technical and commercial), KPMG (financial and tax) and Willis Tower Watson (insurance).

Marguerite is a pan-European investor in long-life greenfield and brownfield expansion infrastructure.

Our funds seek out capital-intensive, sustainable investment opportunities with a particular focus on four sectors: (1) Energy & Renewables, (2) Digital Transformation, (3) Waste & Water and (4) Transport.

Marguerite manages four European infrastructure funds, the most recent being Marguerite III. Over the years, we’ve deployed in excess of €2 billion into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.

Marguerite III benefits from support from the European Union under the InvestEU Fund.

From our origins in 2010 as an independent infrastructure investment manager backed by the European Investment Bank and the main European National Promotional Banks, we have evolved into a fund manager dedicated to generating value for investors while integrating robust ESG screening as part of our eligibility criteria and continuously measuring the positive impact of our investments.

Our team is based in Luxembourg, Paris and Milan.