Cordiant snaps up DataGryd and Emitel

05 January 2022 | Melanie Mingas

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Cordiant Digital Infrastructure Limited has acquired Polish multi-asset digital infrastructure platform Emitel, along with certain assets belonging to the New York-based DataGryd.

Cordiant said the total consideration for DataGryd stood at US$74 million, subject to post-closing working capital price adjustment, while Emitel was acquired for £352 million.

The acquisitions follow that of Ceské Radiokomunikace (CRA) in May.

Shonaid Jemmett-Page, chairman of Cordiant Digital Infrastructure Limited, commented: "We are delighted to be announcing the agreement to acquire the DataGryd assets in the US and Emitel in the EU. These acquisitions will, when completed, complement CRA, our existing portfolio company, and provide an attractive combination of highly cash generative operational assets with long-contracted revenue streams and compelling growth opportunities through building out the platforms."

Emitel operates networks across Poland – one of the highest data consumption usage markets in Europe – and counts 521 towers, an IoT network, distributed antenna systems ("DAS") and fibre and terrestrial networks.

It is the sole national provider of digital terrestrial television ("DTT"), the leading radio broadcast emissions provider and a leading provider of network neutral towers and fibre infrastructure in Poland and benefits from long-term contracts, averaging 10 years, with escalator clauses.

Its growth prospects lie in mobile towers, edge data (where it can also benefit from the experience of CRA), fibre-optic networks and 'smart cities' supported by networks of wireless sensors (including utility services, municipal services and security). 

Emitel's CEO Andrzej J. Kowalski commented: "In Cordiant Digital Infrastructure we have an investor bringing both a long investment horizon and significant industry expertise; as such it can deploy capital, insight and patience to support us in our medium- and long-term growth plans to expand from our current base to become an even more significant provider of outsourced digital infrastructure. We are excited as we look ahead to working with the Cordiant Digital team."

Steven Marshall, chairman of digital infrastructure at Cordiant Capital added: "We recognise Emitel's important role in providing critical digital infrastructure in Poland, including the development of national 5G infrastructure. We are committed to invest to build the broadcast infrastructure capacity over the next 18 months in line with our 'buy, build & grow' philosophy."

Regarding DataGryd's interconnect datacentres, the firm currently occupies circa 170,000 sq ft of 60 Hudson, comprised of around 120,000sq ft of high-quality raised floor data centre space and more than 50,000 sq ft of additional support space.

An additional 120,000 sqft of raised floor data centre space is planned as part of the expansion to occupy four floors of 60 Hudson.

The platform has access to approximately 15MW of power, enabling it to provide its customers with attractive levels of power density.

Benn Mikula, managing partner and co-CEO, Cordiant Capital commented: "The DataGryd platform offers our investors a compelling investment opportunity to invest in interconnect datacentres and we are delighted to add this platform to our portfolio. This platform can deliver scale, high quality infrastructure, power and technical skill in what we believe is the most connected building in the most connected city globally. These are strategic assets with significant growth potential."

DataGryd's CEO Thomas Brown added: " We look forward to working with the Cordiant Digital team to execute our business plan."