Combination of Two of Iceland’s Largest Tower Portfolios from Sýn and Nova, Creating the First Scaled, Independent Tower Company in the Country
DigitalBridge Group, Inc. (NYSE:DBRG) today announced that funds affiliated with DigitalBridge Investment Management, the firm’s investment management platform, (collectively “DigitalBridge”) have completed the acquisition of the telecom tower portfolios of Sýn hf. (Sýn) and Nova hf. (“Nova”), two leading Icelandic mobile network operators (“MNOs”), creating ÍslandsTurnar (the “Company”).
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ÍslandsTurnar is the first independent tower company of scale in Iceland with national coverage to support the MNOs as they execute their 5G deployment plans. Sýn and Nova are slated to be long-term dual-anchor tenants on all of the Company’s towers and the transaction includes a material BTS program. The investment advances DigitalBridge’s expanding presence in the Nordics, as the firm acquired Finland-based Digita Oy (“Digita”), an independent tower operator with a national portfolio of sites, in 2018.
“The creation of ÍslandsTurnar is a unique opportunity to establish a leading independent tower company in Iceland and support both Sýn and Nova in their operation of high-quality mobile networks as well as accelerating their 5G network deployment,” said Marc Ganzi, President and CEO of DigitalBridge. “We are excited to play a role in Iceland’s stable, attractive and digitally advanced telecom market, bringing DigitalBridge’s deep experience of successfully owning and operating tower portfolios on a global basis.”
“This is an exciting opportunity to set up the first independent tower company in my home market of Iceland. We are proud that two anchor tenants of the caliber and technical experience of Sýn and Nova have entrusted us with their mission-critical network infrastructure. I am looking forward to working with DigitalBridge to deliver high-quality telecommunication infrastructure services in Iceland,” said Joakim Reynisson. Mr. Reynisson, an industry veteran with more than 30 years of telecom experience, has been appointed Chief Executive Officer of ÍslandsTurnar effective immediately. Prior to this role, Mr. Reynisson was Chief Technology Officer of Nova for over a decade.
Oakley Advisory acted as a financial advisor, Kvika acted as debt arranger and Linklaters acted as legal counsel to DigitalBridge throughout the transaction. Financial terms of the transaction were not disclosed.
DigitalBridge (NYSE: DBRG) is a leading global digital infrastructure REIT. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages a $40 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in Los Angeles, New York, London, and Singapore.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, whether the Company will realize any of the anticipated benefits from the combination, the ability of the Company to expand its presence in the Nordics, and other risks and uncertainties, including those detailed in the DigitalBridge’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect DigitalBridge’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. DigitalBridge cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. DigitalBridge is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations and DigitalBridge does not intend to do so.