HICL Infrastructure acquires minority stake in Altitude's FTTH platform

5th Apr 2023 08:30

(Sharecast News) - Investment firm HICL Infrastructure has struck an agreement to acquire a minority equity position in Altitude's fibre-to-the-home platform.

HICL said on Wednesday that the acquisition will be accretive to its key portfolio metrics, enhance portfolio diversification and improve the earnings profile of the company. Following completion, the investment will represent approximately 2% of HICL's portfolio, by value.

The FTSE 250-listed group stated the investment will be funded by its £650.0m revolving credit facility, with completion expected to take place in the second quarter.

Portfolio manager InfaRed's Edward Hunt said: "InfraRed is delighted to have added a second high-quality communications investment to HICL's portfolio. The investment benefits from highly attractive core infrastructure attributes, with predictable inflation-linked revenues under a mature and regulated wholesale market framework. We are excited to be partnering with an operator of such high quality and strong market standing."

As of 0830 BST, HICL shares were up 0.26% at 154.80p.

Reporting by Iain Gilbert at Sharecast.com