TINC DCU Divestment & Acquisition Of Proximus' PDC Business Get Approved
TINC announced that both the partial sale of Datacenter United (to Cordiant Digital Infrastructure Limited) and the acquisition of Proximus' datacenter business by Datacenter United have received regulatory approvals. The remaining conditions to closing relate to the transfer of the relevant businesses and the closing of both transactions. The transactions are expected to be closed during 1Q 2025. The transactions will have a positive impact of €0.55ps (Cap. Gain of ~€20.0m) to the last reported NAVps of €13.26 at 1H FY24. The combination of the divestment proceeds and additional equity infusion to finance the acquisition of the datacentre business of Proximus have resulted in a net cash investment of €45.0m for TINC. We welcome the news as DCU is one step closer to becoming the dominant player in Belgium with the potential to further scale up the business. We reiterate our BUY rating and €14.0 TP.TINC Comm VA. Tinc Comm VA, also known as TINC, is a Belgium-based company focusing on investments in Infrastructure Asset Companies holding capitalintensive Infrastructure Assets providing services and generating cash flows of a long term sustainable nature. The Initial Investment Portfolio of the Company includes investments in over 10 Infrastructure Asset Companies holding underlying Infrastructure Assets in public private partnerships (PPP), energy and real assets in Belgium and the Netherlands, including Strorm and Brabo 1, among others. It operates through Storm Holding 4 NV.
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