Proximus Group has announced a deal to sell 100 percent of its Proximus Luxembourg Infrastructure (PLI) business to InfraRed Capital Partners.

This will see the Belgian telco sell its 267 mobile tower assets in Luxembourg for €108 million ($112.5m).

Luxembourg
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Proximus, which operates under the Tango and Proximus NXT brands in Luxembourg, will remain an anchor tenant on the respective sites, it noted.

The company said that it has a long-term master service agreement in place to ensure it will have continued access to the infrastructure.

InfraRed Capital, which is a global infrastructure asset manager, said it plans to invest further in PLI to enhance telecommunications coverage in Luxembourg.

Proximus stated the sale is part of its plans to unlock value from its non-core assets to fund its strategic priorities. The company said after this deal, it has covered more than half of its €500m ($520m) divestment target, which it aims to hit by 2027.

Proceeds from the sale will be used to invest in Proximus' fiber roll-out strategy.

"This agreement represents another milestone in our bold2025 strategy to unlock value through asset divestments," said Guillaume Boutin, chief executive officer, Proximus Group.

"By partnering with InfraRed Capital Partners, we ensure the long-term stability and operational continuity of our mobile infrastructure in Luxembourg, while freeing up resources to support transformative growth projects like our fiber roll-out strategy. This partnership provides a solid foundation for continued high-quality services for our customers in the years to come."

Earlier this month, Proximus was linked with a sale of its mobility subsidiary Be-Mobile, while last month, the company sold its data centers to local operator Datacenter United (DC United) in a sale-leaseback deal.

InfraRed is part of SLC Management, the institutional alternatives and asset management business of Sun Life. The company manages more than $14 billion of equity capital. Its previous investments include Vodafone NZ's tower infrastructure and European data center firm Nexspace. It is also handling the wind-down of Triple Point's D9 fund.