CORD will partner with TINC NV and a Cordiant-managed fund, investing €92.3 million to secure a 47.5% stake in the newly formed “Combined Group.”
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Datacenter United, a Tier III/IV operator, runs nine data centres across Belgium. CORD and TINC’s partnership will inject new capital, allowing Datacenter United to acquire Proximus’s data centre business.
The acquisition will establish a significant market player, serving high-demand sectors like government and blue-chip corporates, with an 80% current capacity utilisation.
Shonaid Jemmett-Page, chairman of CORD said: “The Board is delighted to announce the agreement to acquire these two data centre businesses.
“By bringing these businesses together, there is the opportunity to create a market-leading retail and wholesale data centre business in this attractive geography.”
Following the merger, Proximus will maintain a ten-year inflation-linked services agreement, securing 37% of the group’s IT power capacity.
Steven Marshall, co-founder of Cordiant Digital said: “This transaction could only be successfully executed because of the Investment Manager’s ability to create a potentially valuable combination from a complex situation.”
The acquisition, expected to be completed by Q1 2025, aligns with CORD’s EU expansion goals and enhances its overall portfolio value.
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