Deutsche Telekom (DT) has confirmed the completion of the partial sale of its tower business in Germany and Austria to Brookfield and DigitalBridge.
According to the company, the deal for GD Towers has been effective since February 1, 2023.
It comes several months after DT agreed to sell 51 percent of its tower business for €17.5 billion ($18.8 billion).
Canadian investment management company Brookfield and US private equity firm DigitalBridge saw off competition from Cellnex and KKR to complete the deal. DT will retain a 49 percent stake in the business.
In a statement, DT said that it will receive a total of more than €10 billion ($10.7bn) from the buyers and GD Towers.
GD Towers has more than 40,000 mobile sites in Germany and Austria, and employs close to 800 people. In 2021, DT's tower unit generated pro forma revenues of €1.1bn ($1.2bn), while its adjusted pro forma EBITDA AL amounted to €640m ($688m).
Despite the acquisition, the GD Towers management team will still be led by CEO Bruno Jacobfeuerborn, while chairman Thorsten Langheim will continue to manage the business.
Last week, Pantheon Infrastructure PLC (PINT) committed to investing $53 million into GD Towers, through a co-investment vehicle managed by affiliates of DigitalBridge Group Inc.
Founded in 1982, Pantheon Ventures has more than $70 billion of assets under management. The company floated a new infrastructure fund, Pantheon Infrastructure PLC, in 2021.
Since its listing, PINT has invested in KKR’s take-private of CyrusOne, DigitalBridge’s tower company Vertical Bridge, and an unnamed digital infrastructure company that owns and operates fiber-to-the-home infrastructure in Western Europe.