Digital Infrastructure Financing Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

Deutsche Funkturm (Germany)
The project financing raised by Deutsche Funkturm, at a total debt valuation of E6.85bn.
Banks: BNP Paribas, Credit Agricole CIB, Intesa Sanpaolo SpA, MUFG, Natixis, Santander, UniCredit (Bookrunners)

Maincubes (Germany)
The project financing raised by Maincubes to support the greenfield construction of six datacentres with a 70MW total capacity, at a total debt value of E1.035bn.
Banks: Natixis, ABN Amro, KfW, Natwest, Nord LB, SEB, Investec, NIBC, SCOR, Ampega, Swiss Life, Volkswohlbund.
Debt adviser: Perella Weinberg Partners
Legal Advisers: Allen & Overy (Sponsors); Hogan & Lovells (Lenders)

NexFibre (VMO2) (UK)
The financing of the joint venture between Virgin Media O2 (VMO2) (owned by Liberty Global and Telefonica) and InfraVia, which will be used to roll out fibre across the UK with a target of 6.9 million homes, at a total debt value of E3.25bn. 
Banks: Societe Generale (Structuring Bank, Bookrunner and MLA), Barclays, BBVA, BNP Paribas, Credit Agricole CIB, ING, MUFG, NatWest Markets, Santander, Sumitomo Mitsui Financial Group (Bookrunners and MLAs)

Orange (Europe)
The debt refinancing package raised by Orange, for which a sustainability-linked adjustment provided a discount of 2.25 bps, at a total debt value of E6bn. 
Banks: Barclays, BBVA, BNP Paribas, BofA Securities, Citi, CM-CIC, Credit Agricole CIB, HSBC, ING, MUFG, Natixis, RBC Capital Markets, Santander, Societe Generale Corporate & Investment Banking, Sumitomo Mitsui Financial Group, UniCredit. (Bookrunners and MLAs)

OXG Fibre (Germany)
The financing of the joint venture between Altice and Vodafone to support fibre rollout in Germany, at a total debt value of E4.6bn.
Banks: Societe Generale (Debt Adviser and Underwriter), ABN AMRO, Credit Agricole, KfW IPEX Bank, MUFG, SMBC, Unicredit (Underwriters)
Legal Advisers: Linklaters (Sponsors) ; Allen Overy (Lenders)

Project Oak (Germany)
The debt financing package raised by GIP, KKR and Vodafone to support the acquisition of up to 50% ownership in Vantage Towers AG and enter into a strategic co-control partnership for Vantage Towers, at a total debt value of E6.98bn. The package also included a project financing.
Banks: BNP Paribas, Crédit Agricole Corporate and Investment Bank, Landesbank Baden-Württemberg, MUFG Bank, Banco Santander, SMBC and UniCredit (all underwriters and bookrunners) and Mizuho Bank (MLA)
Legal Advisers: Latham & Watkins (Sponsors) ; Allen & Overy (Lenders)

Europe Fibre Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

BlueVia (Spain)
The acquisition by Credit Agricole Assurances of a 45% stake in Spanish rural area FTTH provider Bluevia from Telefonica Group for E1.02bn.  
Financial Advisers: BBVA, AZ Capital (Sell Side), Credit Agricole (Buy Side)
Legal Advisers: Uria Menendez (Sell Side), Linklaters (Buy Side) 

FibreCo (Germany)
The acquisition by Altice for a 50% stake in German FTTH JV business FibreCo from Vodafone for a cash consideration of E1.2bn. 
Financial Advisers: Lazard, Operis (Sell Side)
Legal Advisers: Linklaters (Sell Side), Bryan Cave Leighton Paisner (BCLP), Greenberg Traurig, De Pardieu Brocas Maffei (Buy Side)

Lyntia Networks (Spain)
The acquisition by a consortium of AXA, H. R. L. Morrison & Co and Swiss Life of the entirety of Spanish fibre operator Lyntia NetworkCo from Antin Infrastructure Partners for E2.646bn.
Financial Advisers: Deutsche Bank, UBS, Banco Santander (Sell Side), Rothschild, DC Advisory (Buy Side) 
Legal Advisers: Herbert Smith Freehills (Sell Side), Uria Menendez, Gibson, Dunn & Crutcher, White & Case, Osborne Clarke (Buy Side)

Telenor Fiber (Norway)
The acquisition by KRR of a 30% stake in Nordic FTTH provider Telenor Fiber AS from Telenor for E1.034bn.  
Financial Advisers: Barclays (Sell Side), ABG Sundal Collier (Buy Side)
Legal Advisers: Wikborg Rein (Sell Side) Gibson, Dunn & Crutcher, Selmer (Buy Side) 

Virgin Media O2 FTTH (UK)
The UK fibre joint venture between Liberty Global, Telefonica (combined 50%) and InfraVia Capital Partners (50%) valued at £4.5bn. 
Financial Advisers: Liontree Advisors, Barclays (Sell Side), Lazard (Buy Side)
Legal Advisers: Allen & Overy (Sell Side), Linklaters, De Pardieu Brocas Maffei (Buy Side)

Europe Datacentre Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

DATA4 (France)
The acquisition by Brookfield Infrastructure of a 60% stake in French datacentre firm DATA4 from AXA Investment Managers for an estimated E2.1bn. 
Financial Advisers: Deutsche Bank (Sell Side); n/a (Buy Side)
Legal Advisers: Kirkland & Ellis, Dentons (Sell Side); Simmons & Simmons (Buy Side)

Datacenter One (Germany)
The acquisition by AtlasEdge of an undisclosed majority stake in German datacentre firm Datacenter One from Star Capital for an estimated value between E350m and E400m.
Financial Advisers: Jefferies (Sell Side); DH Capital (Buy Side)
Legal Advisers: King & Wood Mallesons (Sell Side); Hogan Lovells (Buy Side)

Virtus Data Centres (UK)
The acquisition by Macquarie Asset Management of a 40% stake in London-based datacentre provider Virtus Data Centres from ST Telemedia Global Data Centres for approximately E1.2bn.
Financial Advisers: Citi, RBC Capital (Sell Side); n/a (Buy Side)
Legal Advisers: Clifford Chance (Sell Side); White & Case, Ogier (Buy Side)
 
Yondr (The Netherlands)
The acquisition by Apollo Global Management of a minority stake in hyperscale operator Yondr from Cathexis Group for an undisclosed sum.
Financial Advisers:  (Sell Side); n/a (Buy Side)
Legal Advisers: White & Case (Sell Side); Simpson Thacher & Bartlett (Buy Side)

Europe Cloud & IT Services Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

AVEVA (UK)
The acquisition of a 41% stake in UK listed industrial software developer AVEVA by majority shareholder Schneider Electric for E4.6bn. 
Financial Advisers: Lazard, JPMorgan, Numis Securities (Sell Side); Citi (Buy Side) 
Legal Advisers: Freshfields Bruckhaus Deringer, Macfarlanes, Skadden Arps Slate Meagher & Flom (Sell Side); Slaughter & May, Herbert Smith Freehills (Buy Side)

Irideos (Italy) 
The acquisition by Spanish investor Asterion Industrial Partners of Italian ICT and datacentre company Irideos from F2i Fondi Italiani per le Infrastrutture for E313.6m. 
Financial Advisers: ING Corporate Finance, Mediobanca (Sell Side); JPMorgan (Buy Side) 
Legal Advisers: Unknown (Sell Side); Cleary Gottlieb Steen & Hamilton, Paul Weiss Rifkind Wharton & Garrison (Buy Side)

Maticmind (Italy) 
The acquisition by CVC Capital Partners of Italian networking, cybersecurity, datacentres, cloud solutions and IoT-focused IT services company Maticmind for an undisclosed sum. 
Financial Advisers: Banca Mediolanum, KPMG (Sell Side); BNP Paribas, Intesa Sanpaolo, Ernst & Young (Buy Side) 
Legal Advisers: Studio Legale Cappelli RCCD, BonelliErede (Sell Side); Gattai Minoli Partners, Facchini Rossi Michelutti, Orsingher Ortu, Tremonti Romagnoli Piccardi e Associati (Buy Side)  

Micro Focus (UK) 
The acquisition by Canadian software company OpenText of UK software and IT services company Micro Focus from Dodge & Cox, BlackRock, M&G Plc and Causeway Capital for an estimated E6bn.  
Financial Advisers: Goldman Sachs, Jefferies, Numis Securities, Bank of America Securities (Sell Side); Barclays (Buy Side) 
Legal Advisers: Slaughter & May, Cravath Swaine & Moore (Sell Side), Allen & Overy, Cleary Gottlieb Steen & Hamilton (Buy Side) 

Scalian (France) 
The acquisition by French investment company Wendel of French IT services company Scalian from Cobepa for E557m. 
Financial Advisers: Amala Partners, Rothschild, BNP Paribas (Sell Side); Morgan Stanley (Buy Side) 
Legal Advisers: Linklaters (Sell Side); Kirkland & Ellis, Hogan Lovells (Buy Side) 

Europe Software Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

A2MAC1 (France)

The acquisition by Providence Equity Partners of French automotive component data and benchmarking platform A2MAC1 from Keensight Capital at an undisclosed valuation estimated to be E1.4bn.
Financial Advisers: Jefferies, Harris Williams, Callisto (Sell Side); Raphael Financial Advisory, Arma Partners (Buy Side)
Legal Advisers: Jeausserand Audouard (Sell Side); Kirkland & Ellis, Allen & Overy, Gide Loyrette Nouel (Buy Side)

EMIS (UK)
The takeover by Optum Health Solutions of UK AIM-listed and healthcare sector-focused software provider EMIS for E1.4bn.
Financial Advisers: Numis Securities (Sell Side); Robey Warshaw (Buy Side)
Legal Advisers: Travers Smith (Sell Side); Slaughter & May (Buy Side)

Grupo Primavera (Portugal)
The merger of Portugal-based cloud business management software provider Grupo Primavera with Silver Lake-owned French enterprise resource planning software company Cegid for E6.8bn.
Financial Advisers: Liberum Capital, Jamieson, Evercore (Sell Side)
Legal Advisers: Paul Hastings, Uria Menendez, K&L Gates (Sell Side); Allen & Overy, Simpson Thacher & Bartlett (Buy Side)

Software AG (Germany)
The acquisition by Silver Lake of German listed business process management platforms provider Software AG for E1.67bn.
Financial Advisers: PJT Partners (Sell Side); JPMorgan (Buy Side)
Legal Advisers: Clifford Chance, Gleiss Lutz, Allen & Overy (Sell Side); Hengeler Mueller, Simpson Thacher & Bartlett (Buy Side)

Transporeon (Germany)
The all-cash acquisition by US industrial software provider Trimble of German cloud-based transportation management software company Transporeon from Hg Capital for E1.88bn.
Financial Advisers: Goldman Sachs (Sell Side); Centerview Partners (Buy Side)
Legal Advisers: Latham & Watkins, Wadynski & Partners, P + P Poellath (Sell Side); Skadden Arps Slate Meagher & Flom

Europe Tower Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

CK Hutchison Networks (Europe various) 
The acquisition by Cellnex for the entirety of Europe-focused mobile telecommunications and data services operator CK Hutchison Networks from CK Hutchison for E10bn. 
Financial Advisers: Moelis & Co, Deutsche Bank, Morgan Stanley (Sell Side); AZ Capital, HSBC, JP Morgan, Goldman Sachs (Buy Side)
Legal Advisers: Freshfields Bruckhaus Deringer, Linklaters, Roschier Attorneys LLP, Weil, Gotshal and Manges (Sell Side); Clifford Chance, Kromann Reumert, McCann FitzGerald, Wolf Theiss (Buy Side)

EmiTel (Poland)
The acquisition by Cordiant Digital Infrastructure of a 100% stake in Polish terrestrial TV and radio broadcast infrastructure operator EmiTel from Alinda Capital Partners for E410m. 
Financial Advisers: Investec, Jefferies, Greenhill & Co (Buy Side)
Legal Advisers: Linklaters, Dentons (Sell Side); Allen & Overy (Buy Side)

GD Towers (Germany)
The acquisition by a consortium of Brookfield and DigitalBridge of a 51% stake in Germany-based towerco GD Towers from Deutsche Telekom for an enterprise value of EUR 17.5bn. 
Financial Advisers: Goldman Sachs (Sell Side); Perella Weinberg Partners, Evercore, Barclays, Morgan Stanley, JPMorgan, (Buy Side)
Legal Advisers: P + P Poellath, Noerr, Gleiss Lutz, CMS, Schoenherr, Cuatrecasas (Sell Side) 
Allen & Overy, Morgan Lewis & Bockius, Dorda, Vinson & Elkins, Freshfields Bruckhaus Deringer (Buy Side)

United Group (Europe various)
The acquisition by TAWAL of United Group's tower assets in Bulgaria, Greece, Serbia, Slovenia and Croatia in a deal Valued at E1.22bn.
Financial Advisers: Goldman Sachs (Sell Side); Lazard (Buy Side)
Legal Advisers: Jadek & Pensa, Bradvica Maric Wahl Cesarec, Paul Weiss Rifkind Wharton & Garrison, Kambourov & Partners (Sell Side); Clifford Chance, Kinstellar, Morgan Lewis & Bockius, ODI Law (Buy Side) 

Vantage Towers (Germany)
The acquisition by a KKR and GIP consortium of a 50% stake in German towerco Vantage Towers from Vodafone (81.7%), Digital Colony (4.14%) and RRJ Capital for E6.95bn. 
Financial Advisers: Rothschild, UBS, Robey Warshaw (Sell Side); Morgan Stanley (Buy Side)
Legal Advisers: Orrick Herrington & Sutcliffe, Linklaters (Sell Side); Latham & Watkins, Hengeler Mueller (Buy Side)
 

MEA TMT Deal of the Year

For deals completed between Sept 1 2022 and Aug 31 2023. Selected for size, complexity and market impact.

Bespin Global
The acquisition by e& enterprise of a c.10% stake in South Korea’s cloud management company Bespin Global for US$60m, and the related UAE joint venture in which e& enterprise owns a 65% stake.
Financial Advisers: FTI Capital Advisors (Buy Side) 
Legal Advisers: Herbert Smith Freehills (Buy Side)

Global Partnership for Ethiopia (GPE)
The acquisition by the International Finance Corporation (IFC) of a minority stake in mobile telecoms firm Global Partnership for Ethiopia (GPE) for $157.4m, and the Multilateral Investment Guarantee Agency (MIGA)’s 10 year, US$1bn equity guarantee for GPE shareholders.
Legal Advisers: Linklaters, Norton Rose Fulbright (Sell Side); Hunton Andrews Kurth LLP (Buy Side)

Omantel towers
The acquisition by Helios Towers of Omantel’s 2,519 passive infrastructure assets in Oman for a gross consideration of US$495m. 
Financial Advisers: Citi (Sell Side); PwC (Buy Side)
Legal Advisers: Freshfields Bruckhaus Deringer, Al Busaidy Mansoor Jamal (Sell Side); Vinson & Elkins, Linklaters (Buy Side)

N+ONE
The acquisition by African Infrastructure Investment Managers (AIIM) of an undisclosed stake in African datacentre owner and operator N+ONE for US$90m. 
Financial Advisers: Torch (Sell Side) 
Legal Advisers: Altius Advisory (Sell Side); Norton Rose Fulbright (Buy Side)

Zain Iraq 
The sale and leaseback by Kuwaiti telecom major Zain Group of its 4,968 tower portfolio in Iraq to TASC Towers Holding Limited for US$180m. 
Financial Advisers: FTI Capital Advisors (Sell Side) 
Legal Advisers: Norton Rose Fulbright (Sell Side);  Morgan, Lewis & Bockius UK LLP (Buy Side)