Macquarie European Infrastructure Fund 5 (MEIF5) agrees to acquire majority stake in INEA
Poznań / London, 05 Dec 2017
Macquarie European Infrastructure Fund 5 (MEIF5), which is managed by Macquarie Infrastructure and Real Assets (MIRA), has agreed to acquire a majority stake in INEA, the leading telecommunications and fibre-to-the-home (FTTH) network operator in Western Poland. MEIF5 will acquire the stake from Warburg Pincus and INEA’s founder and co-shareholders.
INEA, the leading telecommunications infrastructure owner and operator in Western Poland, offers quadruple-play telecommunications services to residential, business and public customers, including cable TV, broadband, fixed and mobile telephony. At 7,000 km in length, it also owns the largest regional fibre backbone network in Poland, and a high quality last mile network passing over 500,000 homes, representing over 40 per cent of premises in the region.
Leigh Harrison, European Head of MIRA, said: “As one of the largest fibre-to-the-home and cable network operators in Western Poland, INEA has successfully built a best in class network that delivers essential telecommunications services to the community. With considerable potential to expand the business, we are delighted to work alongside INEA’s current management to continue strengthening its position as the preferred telecommunications infrastructure access and service provider in the region.”
Janusz Kosiński, INEA’s founder and CEO, said: “MIRA’s long-term and patient approach to infrastructure investing and strong sector expertise will benefit our business as we look to grow and expand. We look forward to working closely with them over the years to come.”
Adarsh Sarma, Managing Director, Warburg Pincus, commented: “We are proud of the transformative investments and significant network expansion completed during our ownership of INEA. The Company is very well positioned for future growth, and we wish Janusz and the entire INEA team continued success. As growth investors, we feel privileged to have supported INEA in building the best quality operator with the best infrastructure in the country.”
INEA will be MIRA’s second investment in Poland having constructed and developed DCT Gdansk, the deep-water container terminal, since 2005. The acquisition of INEA is MEIF5’s sixth investment, following the announcement of the EP Infrastructure, Race Bank, Offshore Wind Co (OSWCo), CLH and Empark investments.
The transaction is expected to reach financial close by early February 2018 with completion conditional upon customary Polish competition approvals.
For more information, please contact:
Macquarie Infrastructure and Real Assets
+44 20 3037 5602
About Macquarie Infrastructure and Real Assets (MIRA)
MIRA is part of Macquarie Asset Management Group, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs 13,966 people in 27 countries. As at 30 September 2017, Macquarie had assets under management of €345 billion.
MIRA pioneered infrastructure as a new asset class for institutional investors. For more than 20 years it has been investing in and managing the assets that people use every day - extending beyond Infrastructure to Real Estate, Agriculture and Energy. MIRA’s dedicated operational and financial experts work where MIRA’s funds invest and the portfolio companies operate. They are part of a global team which helps clients to see across the regions and deep into local markets.
As at 30 September 2017, MIRA has assets under management of more than €94 billion invested in 137 portfolio businesses, ~300 properties and 4.5 million hectares of farmland.
About INEA Group
INEA, headquartered in Poznan, Poland, was founded in 1992 and is the leading telco operator in Western Poland. INEA provides advanced telecommunication services to both residential and business customers based on NGN (New Generation Network), including fiber-to-the-home networks (FTTH). INEA has well-invested and deep infrastructure amounting to 7,000 km of backbone and 5,000 km of last mile network. Within the range of INEA is 500,000 households and INEA services are used by 250,000 of them. Company’s product portfolio comprises: digital cable television, high-speed Internet access, telephone service & mobile services and B2B services.