TINC DCU Stake Reduced To 50.0%; DCU Acquires PDC Business From Proximus
TINC announced that 50.0% of Datacenter United (DCU) was sold to Cordiant Digital Infrastructure Limited, a UK listed digital infrastructure asset manager. Cordiant acquires the 50.0% stake in DCU both from TINC and CEO Friso Haringsma and as a result, TINC's stake in DCU declines from 75.0% to 50.0%. On the other hand, DCU has acquired the PDC business from Proximus which comprises of 4 data centres spread across 3 locations (Evere, Mechelen and Machelen) for an EV of €128.0m. TINC, Cordiant and Haringsma are providing financing to DCU for this acquisition and Haringsma will be CEO of the combined group which will comprise of 13 data centres and will become the largest player in Belgium. We welcome this news as DCU will now become a dominant player with a potential to further scale-up the business. TINC's sale of 25.0% of DCU has a positive impact of €0.55/sh, implying a cap. gain of €20.0m. 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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