Month: December 2020

Everest Infrastructure Partners logo

Everest Acquires Top Sites, Inc. and California Tower Portfolio

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Source: Everest Infrastructure

December 19, 2020

Everest Infrastructure Partners has Acquired Top Sites, Inc. and its’ portfolio of wireless towers located in Northern California.  “We are incredibly pleased to complete the acquisition of Top Sites, Inc.”, said Mike Mackey, President of Everest Infrastructure Partners.  “The Top Sites team has developed an impressive portfolio of high-quality tower assets in Northern California that will greatly complement our existing footprint.  California is our largest market for both existing macro sites and new tower development.  The Top Sites towers are high-capacity structures with substantial existing tenancy by major national operators as well as sizable capacity for new tenants.”

Louis Duenweg, Vice President of Top Sites, Inc. added that “the Everest team reached out to us directly about our tower portfolio and we developed a great relationship over the past few years.  They were excellent to work with through this complex transaction and we have great confidence they will be an outstanding manager of these tower assets in the future.”

About Everest Infrastructure Partners

Everest is a privately-owned operator of Communications Infrastructure assets including wireless communications towers, rooftop locations, tower ground leases, and indoor wireless systems.  Everest provides infrastructure to all major U.S. wireless operators, and currently operates, manages, or markets more than 4,000 communications sites throughout the U.S.

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AST SpaceMobile logo

AST & Science Going Public with $1.8 Billion Valuation of Satellite Broadband Venture

Source: InsideTowers.com

On Wednesday, special purpose acquisition company New Providence announced that it would take Texas-based AST & Science public through a Special Purpose Acquisition Company (SPAC) deal. CNBC reported that satellite broadband company AST will have an equity value of $1.8 billion. AST will list on the NASDAQ under the ticker symbol ASTS, likely in the first quarter of 2021.

AST is building a satellite network called “SpaceMobile,” designed to deliver broadband from space directly to smartphones. The company’s first experimental satellite launched in April 2019 and plans for a second launch are slated for late 2021.

The second satellite is estimated to cost $48 million, according to AST. The SPAC deal will fund the development of SpaceMobile through “phase one,” giving AST “enough capital to launch our first 20 satellites,” said AST Chairman/CEO Abel Avellan.

“What we’re doing is launching a space-based satellite network that allows any phone — without any modification of hardware, software, apps, nothing — to be able to connect directly to satellites,” Avellan told CNBC. “This will support true 5G broadband speed. We get to revenue [in the black] when we launch our first 20 [satellites] in the second half of 2022 for commercial operation in 2023.”

Avellan founded AST in 2017, and will retain 43 percent ownership of the company after it goes public. The company employs 160 workers, reported CNBC.

According to New Providence Chairman Alex Coleman, “AST SpaceMobile represents a unique opportunity to invest in a pioneering company with revolutionary technology, a built-in customer base, and a flexible and scalable business model that addresses one of the largest challenges to global connectivity.”

AST expects to have $541 million in total capital when it goes public, reported CNBC. Once phase one is complete, AST expects it will cost another $1.2 billion to launch an additional 148 satellites to provide global coverage.

AST also announced that existing investor Vodafone Group is a SpaceMobile launch partner. “We believe SpaceMobile is uniquely placed to provide universal mobile coverage, further enhancing our leading network across Europe and Africa — especially in rural areas and during a natural or humanitarian disaster — for customers on their existing smartphones,” Vodafone Group CEO Nick Read said earlier in 2020.

With the SpaceMobile program, AST estimates it will reach “over 700 million unconnected people” in 49 equatorial nations. The company projects SpaceMobile’s subscriber growth to begin in 2023 with 9 million users, estimating to net $181 million in revenue — or about $20 per subscriber.

Virginia Retirement System (VRS) logo

Virginia Retirement System Pledges $100 Million to Digital Colony Digital Infrastructure Fund

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Source: Pensions and Investments Online

Virginia Retirement System, Richmond, at a Thursday board meeting announced commitments of $500 million.

Within its credit strategies asset class, the $85.1 billion pension fund committed $300 million to Ares Private Credit Solutions II, an upper-middle-market junior capital lending strategy managed by Ares Management.

In private equity, VRS committed $100 million to Charlesbank Equity Fund X, a buyout fund targeting relative value opportunities managed by Charlesbank Capital Partners.

In real assets, the system committed $100 million to Digital Colony Partners II, a fund targeting digital infrastructure managed by Digital Colony Management.

Virginia also opened an internal account with $100 million for an internally directed global asset allocation strategy, funded from cash.

The system’s asset allocation as of Sept. 30 was 35.7% public equity, 16.3% fixed income, 13.8% credit strategies, 13.5% private equity, 13.4% real assets, 2.9% public multiasset strategies, 1.7% private investment and the remainder in cash.

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Cordiant Capital Logo

Cordiant Capital seeks £300m for Digital Infrastructure Fund

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Source: The Times UK

 

A Canadian investment company is seeking to raise £300 million on the London stock market to buy up data centres and other infrastructure behind the digital economy.

Cordiant Capital, which is based in Montreal, is understood to be planning to list an investment trust on the stock exchange early next year. Bankers from Investec have been hired to handle the flotation of the vehicle, which will target assets including mobile-phone towers and fibreoptic networks.

Cordiant is hoping to tap into investor demand for exposure to a fast-growing area of the economy as more of the world moves online, appetite for data increases and countries build out their 5G networks.

The Canadian group was founded in 1999 and makes debt and equity investments around the world in telecoms infrastructure and agriculture.

Its telecoms arm is led by Steven Marshall, an industry veteran who previously ran the US business of American Tower Corporation, the $100 billion group that operates more than 180,000 towers worldwide.

It is thought that Cordiant has already built up a pipeline of potential investments for the trust. It plans to list the vehicle, which will be called Cordiant Digital Infrastructure, in February and has told City fund managers that it is aiming to deliver a 9 per cent return and a 4 per cent dividend yield.

The Canadian group is courting investors for the trust amid signs of a revival of flotation activity in London, which was stifled earlier in the year by the onset of the Covid-19 pandemic.

Conduit, a reinsurer based in Bermuda, clinched an £826 million valuation when it listed on the exchange last week and the Hut Group, the online health and beauty retailer, raised £1.9 billion in September.

Vodafone is seeking to list its infrastructure arm, Vantage Towers, in Frankfurt next year in a deal that could value the business at €20 billion.

A spokesman for Cordiant declined to comment.

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